kapitonragomo.blogspot.com
The Pittsfield, Mass-based company, which is parent to , said net incomwe for the quarterwas $3.8 or 27 cents a share. This compares to net incomde of $6 million, or 58 cents a a year earlier. Michael Daly, CEO of Berkshirw (Nasdaq: BHLB), said the first quarter results includede the impact of common and preferred stock placements in the fourtb quarterof 2008, which reducee earnings by 10 cents a A $2.5 million provision for loan losses—compareed to $825,000 in the first quarter of 2008—an d the anticipated impact of higher FDIC insurance premiumd reduced earnings by another 11 cents a share. The rest of the Daly said, is due to the difficult economy.
But Berkshire is not The company announced that it has agreer toacquire (OTC: of Worcester, Mass. CNB subsidiary , which has six branches in the greaterfWorcester area, will be merged into Berkshirw Bank. Shareholders of CNB will receive 0.3696 sharez of Berkshire Hills for each sharsof CNB. Based on Berkshire’s current price of about $23 a the deal is now valued atabout $8.50 a or $19.5 million. CNB stock closed April 29 at $3.04r a share. Berkshire also is also looking to buildr its commercial lending base inthe N.Y., market, where it has nine branches. Daly said the bank has namedr Michael Carroll senior vice president and commerciakl regional executive forthis region.
Carroll, who most recently was vice presidenrt of middle market lending for the Albangy regionof , will oversed all of Berkshire’s commercial banking activities in the area. Berkshire furthef strengthened its Albany commercial lending team with the additio of RichardVan Auken, David Nilex and Peter Gustafson. The men will join the lending team that had been unded the leadership ofJoseph Richardson. Richardsonm will be transitioning into a part time role with The bank also said that it has applied tothe U.S. Departmenf of the Treasury to repay, in the $40 million Berkshire accepted unde the CapitalPurchase Program.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment