Berkshire Hills Bancorp, Inc. announced that its Board of Directors has approved a share repurchase program pursuant to which the Company is authorized to repurchase shares of Company common stock at a total cost of up to $140 million through December 31, 2022. This would result in the repurchase of approximately 9% of outstanding shares based on the current share price.
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Berkshire’s Board Chair, David Brunelle, stated, “This program, which follows our 5% share repurchase in 2021, authorizes a significant return of excess capital to shareholders while also maintaining a strong capital base to support Berkshire’s strategic transformation and operating plan to improve market share and investment in its communities.”
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Berkshire CEO Nitin Mhatre added, “This is another step in Berkshire’s Exciting Strategic Transformation (BEST) plan which targets improved profitability and shareholder returns, as part of our plan for increasing value for all stakeholders while making Berkshire the top-performing leading socially responsible Community Bank in New England and beyond.”
The authorization does not constitute a commitment to repurchase shares. The Company may conduct the repurchases through open market purchases, block trades, unsolicited negotiated transactions, pursuant to a trading plan that may be adopted in accordance with Securities and Exchange Commission (“SEC”) Rule 10b5-1, or in any other manner that complies with the provisions of the Securities Exchange Act of 1934, as amended.
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