Beacon Financial Corp 8-K, filed Oct 18, 2021
Beacon Financial Corp (BBT)
8-K
2021-10-18
For: 2021-10-18
View Original
Added on
April 07, 2026
About this 8-K
Beacon Financial Corp filed this 8-K on October 18, 2021.
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): October 18, 2021
(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 October 18, 2021, Berkshire Hills Bancorp, Inc. (the “Company”), the holding company for Berkshire Bank, issued a news release
announcing its partnership with Upstart, a leading artificial intelligence platform designed to improve access to affordable credit while reducing the risk and costs of lending.
The full text of the news release is attached as Exhibit 99.1 to the Form 8-K and is incorporated 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. Description
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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: October 18, 2021
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By:
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/s/ Wm. Gordon Prescott |
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Wm. Gordon Prescott
Executive Vice President and
General Counsel
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EXHIBIT 99.1
Berkshire Hills Bancorp Announces Partnership with AI
Lending Platform Upstart
Berkshire Bank Will Offer AI Based Lending Solutions to
Help More Consumers with their Financial Needs
BOSTON, October 18, 2021- Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, a socially responsible community-dedicated bank with branch locations in New England and New York, announced that the Bank has entered into a partnership with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending.
Berkshire Bank will expand consumer lending options via a seamless, digital experience enabled by Upstart’s lending platform
and the Upstart Referral Network.
“We are excited to enter this partnership with Upstart,” said Nitin Mhatre,
CEO of Berkshire Bank. “With an exceptional all-digital personal loan experience, it will make credit more accessible and aligns with our focus on reaching more people in our communities while helping grow our consumer lending business. It’s also
the first of many programs to result directly from the ‘digitize’ pillar within Berkshire’s Exciting Strategic Transformation (BEST) plan.”
Berkshire became an Upstart lending partner in August 2021 and will leverage Upstart’s AI lending platform for personal loans to make better and faster
risk-based credit decisions and approve more creditworthy borrowers.
“This partnership will help Berkshire grow our consumer loan portfolio,” said Ellen Steinfeld, EVP, Head of Consumer Lending and Payments. “With the
predictive underwriting models and lower fraud rates delivered by the Upstart AI-based lending platform, Berkshire can deliver more inclusive lending options that ensure our neighbors and communities continue to thrive while delivering an enhanced
customer experience.”
Upstart partners with banks to deliver data-driven decisions through AI and enable broader distribution of lending options to borrowers of all
backgrounds.
“We started on this journey because credit is not just a cornerstone of our economy but a fundamental ingredient in the lives of Americans,” said Dave
Girouard, Chief Executive Officer and Co-Founder of Upstart. “For hundreds of years, credit has represented opportunity and mobility for those seeking what’s next in their
lives. Whether it’s to learn a new skill, relocate to a
new city, start a new business, or buy a new home or car, the price of credit is the price of opportunity and mobility. It’s the price of what’s next.”
ABOUT BERKSHIRE HILLS BANCORP
Berkshire Hills Bancorp is the parent of Berkshire Bank, which is transforming what it means to bank its neighbors socially, humanly, and digitally to empower
the financial potential of people, families, and businesses in its communities as it pursues its vision of being the leading socially responsible omnichannel community bank in the markets it serves. Berkshire Bank provides business and consumer
banking, mortgage, wealth management, and investment services. Headquartered in Boston, Berkshire has approximately $11.7 billion in assets and operates 107 branch offices in New England and New York, and is a member of the Bloomberg Gender-Equality Index. To learn more, call 800-773-5601 or follow us on Facebook, Twitter, Instagram, and LinkedIn.
ABOUT UPSTART
Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with
banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional
digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.
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. Accordingly, 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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Media Contact:
Marc DeNofio AVP, Public Relations Officer
Email: mdenofio@berkshirebank.com
Email: mdenofio@berkshirebank.com
Tel: (518) 322-5601
Upstart Media Contact:
Mike Nelson
Email: mike.nelson@upstart.com
Investor Relations Contacts:
Kevin Conn, SVP, Investor Relations & Corporate Development
Email: KAConn@berkshirebank.com
Tel: (617) 641-9206
Kevin Conn, SVP, Investor Relations & Corporate Development
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