Beacon Financial Corp 8-K, filed Jan 25, 2023
Beacon Financial Corp (BBT)
8-K
2023-01-25
For: 2023-01-25
View Original
Added on
July 04, 2026
About this 8-K
Beacon Financial Corp filed this 8-K on January 25, 2023.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 25, 2023
(Exact Name of Registrant as Specified in its Charter)
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(State or Other Jurisdiction)
of Incorporation)
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(Commission File No.)
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(I.R.S. Employer
Identification No.)
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (800 ) 773-5601 , ext. 133773
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule
12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On January 25, 2023, Berkshire Hills Bancorp, Inc. (the “Company”), the holding company for Berkshire Bank, announced that its Board
of Directors had approved a stock repurchase program pursuant to which the Company may repurchase shares of Company common stock at a total cost of up to $50 million through December 31, 2023. 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. A copy of the news release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
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(a)
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Financial Statements of Businesses Acquired. Not applicable.
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(b)
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Pro Forma Financial Information. Not applicable.
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(c)
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Shell Company Transactions. Not applicable.
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(d)
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Exhibits.
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Exhibit No.
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Description
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104.1
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Cover Page for this Current Report on Form 8-K, formatted in Inline XBRL
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
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Berkshire Hills Bancorp, Inc.
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DATE: January 25, 2023
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By:
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/s/ Nitin J. Mhatre
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Nitin J. Mhatre
President and Chief Executive Officer
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EXHIBIT 99.1
BERKSHIRE HILLS ANNOUNCES $50 MILLION SHARE REPURCHASE PROGRAM
BOSTON, January 25, 2023 - Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today 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 $50 million through
December 31, 2023. This would result in the repurchase of approximately 4% of outstanding shares based on the current share price.
Berkshire CEO Nitin Mhatre stated, “Our balance sheet and capital ratios continue to remain strong, and our ratios are significantly
above the regulatory threshold for well capitalized banks. We intend to continue to use a balanced approach to deploy capital generated by our Company’s operations to both support growth and financial soundness, and to distribute capital to
shareholders in the form of dividends and stock repurchases. The repurchase program follows other programs in recent years and is complemented by our ongoing quarterly shareholder dividend, which we increased by 50% last quarter from $0.12 per
share to $0.18 per share.”
Mr. Mhatre concluded, “Our Berkshire’s Exciting Strategic Transformation (BEST) plan targets improved profitability and shareholder
returns, as part of our goal to increase value for all stakeholders while making Berkshire the high-performing leading socially responsible community bank in New England and beyond. Through this repurchase authorization, our Board has recognized
our significant progress towards achieving our purpose-driven and performance objectives.”
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.
ABOUT BERKSHIRE HILLS BANCORP
Headquartered in Boston, Berkshire Hills Bancorp (NYSE:BHLB)
is the parent of Berkshire Bank. Founded in 1846, the Bank's vision is to be a high-performing leading socially responsible community bank. It empowers the
financial potential of its stakeholders by making banking available where, when, and how it's needed through an uncompromising focus on exceptional customer service, digital banking, and positive community impact. Providing a wide range of
financial solutions through its consumer banking, commercial banking and wealth management divisions, the Bank has approximately $11.3 billion in assets and a community-based footprint of 100 financial centers in Massachusetts, New York, Vermont,
Connecticut, and Rhode Island. Named one of America’s Most Trusted Companies 2022 by Newsweek, Berkshire is also listed in the Bloomberg Gender-Equality Index and a Best Place to Work for LGBTQ+ Equality. To learn more, follow us on Facebook, Twitter, Instagram, and LinkedIn.
FORWARD-LOOKING STATEMENTS
This document contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and
section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,”
“expect,” “target” and similar expressions. There are many factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire’s most
recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC’s website at www.sec.gov. You should not place
undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire does not undertake any obligation to update forward-looking statements.
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CONTACTS
Investor Relations Contacts
Kevin Conn, SVP, Investor Relations & Corporate Development
Email: KAConn@berkshirebank.com
Tel: (617) 641-9206
Email: KAConn@berkshirebank.com
Tel: (617) 641-9206
David Gonci, Capital Markets Director
Email: dgonci@berkshirebank.com
Tel: (413) 281-1973
Email: dgonci@berkshirebank.com
Tel: (413) 281-1973