Berkshire Bank
{{Short description|Bank in Massachusetts}}
{{Infobox company
| name = Berkshire Bank
| logo = Berkshire Bank logo.svg
| parent = Berkshire Hills Bancorp
| type = Public
| traded_as = {{ubl|{{NYSE|BHLB}}|S&P 600 component}}
| industry = Banking
| foundation = {{Start date and age|1846|2|6}} in Pittsfield, Massachusetts
| location_city = Boston, Massachusetts
| location_country = United States
| divisions = Commerce Bank & Trust Company
| key_people = {{nowrap| Nitin J. Mhatre, CEO
Sean A. Gray, president and COO
Brett Brbovic, CFO}}
| assets = {{increase}} {{US$|12.212 billion}} (2018){{cite web | url=https://www.sec.gov/Archives/edgar/data/1108134/000110813419000002/bhlb-20181231x10k1.htm | title=Berkshire Hills Bancorp 2018 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission}}
| equity = {{increase}} {{US$|1.553 billion}} (2018)
| revenue = {{increase}} {{US$|469.24 million}} (2018)
| operating_income = {{increase}} {{US$|133.41 million}} (2018)
| net_income = {{increase}} {{US$|105.77 million}} (2018)
| num_employees = 1,917
| locations = 83 branches
| website = {{url|berkshirebank.com}}
}}
Berkshire Bank is an American bank headquartered in Boston, Massachusetts. It is a subsidiary of Berkshire Hills Bancorp, a bank holding company. The bank operates 83 branches in New England, and New York, and is the third largest regional bank headquartered in Massachusetts.{{Cite press release |title=Berkshire Hills Completes SI Financial Group, Inc. Acquisition |date=May 17, 2019 |url=https://www.prnewswire.com/news-releases/berkshire-hills-completes-si-financial-group-inc-acquisition-300852672.html |publisher=PRNewswire |access-date=August 25, 2019}}{{cite web|url=http://www.masslive.com/news/worcester/index.ssf/2017/10/berkshire_hills_will_take_over.html#incart_river_home|title=Berkshire Bank completes acquisition of 16 Commerce Bank branches in Worcester and Boston area|website=Masslive.com|accessdate=October 18, 2017|last=Murtishi|first=Alban|date=October 17, 2017}}
History
The bank was founded on February 6, 1846 as Berkshire County Savings Bank.{{cite web | url=https://research.fdic.gov/bankfind/detail.html?bank=23621&name=Berkshire%20Bank&searchName=&searchFdic=&city=&state=&zip=&address=&tabId=2 | title=FDIC Bank Info: Berkshire Bank (FDIC # 23621) | publisher=Federal Deposit Insurance Corporation}}
In 1997, the bank acquired Great Barrington Savings Bank and changed its name to Berkshire Bank.{{cite news | url=https://www.bizjournals.com/boston/stories/1998/07/13/newscolumn3.html | title=Former teller appointed CEO of Berkshire Bank | first=Bill | last=Lane | work=American City Business Journals | date=July 13, 1998}} In 1998, James A. Cunningham Jr. was named president and chief executive officer of the bank.
The bank acquired Woronoco Savings Bank in 2005, Factory Point National Bank in 2007,{{Cite press release |title=Berkshire Hills Bancorp Completes Acquisition of Factory Point Bancorp |date=September 21, 2007 |url=https://www.businesswire.com/news/home/20070921005599/en/Berkshire-Hills-Bancorp-Completes-Acquisition-Factory-Point}} Rome Savings Bank in April 2011,{{cite press release | url=https://www.prnewswire.com/news-releases/berkshire-hills-completes-acquisition-of-rome-bancorp-and-reports-final-merger-consideration-119054724.html | title=Berkshire Hills Completes Acquisition of Rome Bancorp and Reports Final Merger Consideration | publisher=PRNewswire | date=April 1, 2011}} Legacy Banks in July 2011,{{cite press release | url=https://www.prnewswire.com/news-releases/berkshire-hills-completes-legacy-acquisition-125945228.html | title=Berkshire Hills Completes Legacy Acquisition | publisher=PRNewswire | date=July 21, 2011}} Connecticut Bank & Trust Company in April 2012,{{cite press release | url=https://www.prnewswire.com/news-releases/berkshire-hills-completes-acquisition-of-cbt-148242405.html | title=Berkshire Hills Completes Acquisition Of CBT | publisher=PRNewswire | date=April 20, 2012}} Beacon Federal Bank in October 2012,{{cite press release | url=https://www.prnewswire.com/news-releases/berkshire-hills-completes-beacon-acquisition-174926481.html | title=Berkshire Hills Completes Beacon Acquisition | publisher=PRNewswire | date=October 19, 2012}} Hampden Bank in April 2015,{{cite press release | url=https://www.prnewswire.com/news-releases/berkshire-hills-completes-hampden-bancorp-acquisition-300068043.html | title=Berkshire Hills Completes Hampden Bancorp Acquisition | publisher=PRNewswire | date=April 17, 2015}} First Choice Bank in December 2016,{{cite press release | url=https://www.prnewswire.com/news-releases/berkshire-hills-completes-first-choice-bank-acquisition-300372714.html | title=Berkshire Hills Completes First Choice Bank Acquisition | publisher=PRNewswire | date=December 5, 2016}} Commerce Bank & Trust Company in October 2017,{{cite press release | url=https://www.prnewswire.com/news-releases/berkshire-hills-completes-commerce-bancshares-corp-acquisition-300537013.html | title=Berkshire Hills Completes Commerce Bancshares Corp. Acquisition | publisher=PRNewswire | date=October 16, 2017}} and SI Financial Group in 2019.
In November 2017, the bank signed a lease for a new headquarters at 60 State Street in Government Center, Boston.{{cite news | url=https://www.bisnow.com/boston/news/office/berkshire-banks-boston-hq-move-confirmed-81110 | title=Berkshire Bank's Boston HQ Move Confirmed | first=Cameron | last=Sperance | publisher=Bisnow Media | date=November 2, 2017}}
Michael Daly announced his resignation as president and CEO of Berkshire Hills Bancorp on November 26, 2018. Richard Marotta became president and CEO thereafter.{{Cite news |url=https://www.bizjournals.com/boston/news/2018/11/28/analyst-berkshire-bank-employees-complained-of.html |title=Analyst: Berkshire Bank employees complained of 'toxic' environment in letter |last=Ryan |first=Greg |date=2019-11-28 |work=Boston Business Journal}}
Richard Marotta resigned as CEO of Berkshire Hills Bancorp on August 10, 2020. President Sean Gray was named acting CEO of the company.
On January 25, 2021, the board of directors announced that Nitin J. Mhatre had been appointed CEO, effective January 29, 2021. It was also announced that Sean Gray, who had been serving as acting CEO, would continue to serve as president and COO of the bank.{{Cite web|title=Berkshire Hills Bancorp, Inc. Names Nitin Mhatre Chief Executive Officer|url=https://ir.berkshirebank.com/news-events/press-releases-news/news-details/2021/Berkshire-Hills-Bancorp-Inc.-Names-Nitin-Mhatre-Chief-Executive-Officer/default.aspx|access-date=2021-02-08|website=ir.berkshirebank.com|language=en-US}}
References
{{Reflist|1}}
External links
- {{Finance links
| symbol = BHLB
| sec_cik = BHLB
| google = NYSE:BHLB
| yahoo = BHLB
| bloomberg = BHLB:US
| reuters = BHLB
| nasdaq = BHLB
}}
{{Authority control}}
Category:Companies based in Boston
Category:Banks based in Massachusetts
Category:Banks established in 1846