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
April 07, 2026
About this 8-K
Beacon Financial Corp filed this 8-K on January 25, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
- 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 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(c) On January 25, 2023, Berkshire Hills Bancorp, Inc. (the “Company”) announced the hiring of David Rosato, age 61, as Senior Executive Vice President and Chief Financial Officer of the Company and of Berkshire Bank (the “Bank”) effective February 6, 2023. Prior to his employment with the Company and
the Bank, Mr. Rosato served as Chief Financial Officer of People’s United Financial, Inc. Prior to that, Mr. Rosato served as Treasurer of Webster Financial Corporation. Mr. Rosato is not a party to any transaction with the Company or the Bank
that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K. The full text of the press release is attached as Exhibit 99.1 to
this Form 8-K and is incorporated herein by reference.
Mr. Rosato’s annual base salary will be $500,000.00 and he will participate in the Berkshire Bank Enhanced Change in Control Severance Plan, which provides that upon an involuntary termination for a reason other than for cause, death or
disability, or upon a voluntary termination for good reason in connection with or following a change in control of the Company or the Bank, the executive would be entitled to: (i) a cash severance payment equal to two times base salary and cash
incentive, plus the annual cash incentive pro-rated through the date of termination, and (ii) life insurance, non-taxable medical and dental coverage substantially identical to the coverage maintained for the executive prior to termination of
employment for 24 months following termination of employment, with the executive paying his share of the premiums. Severance payments will be reduced to avoid liability under Section 280G of the Internal Revenue Code of 1986, as amended, if
necessary. In addition, Mr. Rosato will be eligible to participate in bonus programs and other benefit plans and arrangements applicable to executive employees.
| 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 Bancorp Names David Rosato as Senior Executive Vice President, Chief Financial Officer
BOSTON – January 25, 2023 – Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, a leading socially responsible community bank with financial centers in New England and
New York, announced that David Rosato, an accomplished banking executive who served most recently as Chief Financial Officer of People’s United Financial, Inc.,
and prior to that as Treasurer at Webster Financial Corporation, will join Berkshire on February 6, 2023 as SEVP, Chief Financial Officer.
“We’re pleased to welcome Mr. Rosato to the Berkshire team as Chief Financial
Officer. He’s a well-respected seasoned executive leader with exceptional business and financial acumen that will further bolster and accelerate Berkshire’s Exciting Strategic Transformation (BEST) program,” stated Berkshire CEO Nitin Mhatre. “Mr.
Rosato’s proven track record of successfully driving profitable growth while creating long-term, sustainable value for shareholders combined with Berkshire’s differentiated brand positioning and purpose-driven offerings will further support us on
our journey towards becoming a high-performing, leading socially responsible community bank,” added Mhatre.
In his role as Senior Executive Vice President and Chief Financial Officer, Mr. Rosato will serve as the company's top financial leader. He will work
closely with Senior Management to meet the organization's short and long-term objectives, regulatory requirements and evaluate current and future operating performance to enhance shareholder value, maintain and improve financial flexibility, and
enhance Berkshire's overall financial position. He will report directly to CEO Nitin Mhatre.
David Rosato
CEO Mhatre added, "In addition to welcoming Mr. Rosato, I want to thank long-time Berkshire veteran Brett Brbovic
for his leadership of the finance team during the transition. Brett will continue to serve as Chief Accounting Officer, a position he has held since 2015.”
“I’m honored to join Berkshire and work alongside its talented employees to create long-term shareholder value and
deliver profitable growth. Few institutions have such a long and respected history as Berkshire does helping their employees, customers, shareholders and communities reach their full potential. I look forward to collaborating with the entire team to
create a best in class, leading socially responsible community bank,” stated Mr. Rosato.
About David Rosato
Mr. Rosato is a seasoned Chief Financial Officer and banking executive who brings over 35 years’ experience driving profitable growth within regional
financial institutions. He spent the last 15 years with People’s United Financial, Inc., eight of which as Chief Financial Officer where he worked regularly with the board, CEO and executive management team to plan and execute strategies to drive
long-term shareholder value. During his time at People’s United the Company grew from $14 billion to over $65 billion in assets. Prior to joining People’s United, Mr. Rosato worked at Webster Financial Corporation, including serving as its Treasurer, and M&T Bank Corporation. He holds an M.B.A. with a concentration in finance and a B.S. in Business and Economics from the University of Maryland and is
also a Chartered Financial Analyst. Mr. Rosato is a former board member of the Federal Home Loan Bank of Boston and currently serves as a NASDAQ Exchange Board member.
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.
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
Media Contact:
Gary Levante, SVP, Corporate Responsibility & Communications
Email: glevante@berkshirebank.com
Tel: (413) 447-1737
Email: glevante@berkshirebank.com
Tel: (413) 447-1737