# EDGAR Filing Document

**Accession Number:** 0001108134
**File Stem:** 0000943374-23-000042
**Filing Date:** 2023-1
**Character Count:** 9745
**Document Hash:** 150c85b1db5599489bd7323d0b705a80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000943374-23-000042.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0000943374-23-000042

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230125

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BERKSHIRE HILLS BANCORP INC
- **CENTRAL INDEX KEY:** 0001108134
- **STANDARD INDUSTRIAL CLASSIFICATION:** SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036]
- **IRS NUMBER:** 043510455
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15781
- **FILM NUMBER:** 23552683

**BUSINESS ADDRESS:**
- **STREET 1:** 60 STATE STREET
- **STREET 2:** 38TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-641-9206

**MAIL ADDRESS:**
- **STREET 1:** 60 STATE STREET
- **STREET 2:** 38TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

#### 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

<u>BERKSHIRE HILLS BANCORP, INC.</u> 

(Exact Name of Registrant as Specified in its Charter)

<u>Delaware</u> <u>001-15781</u> <u>04-3510455</u> <br> (State or Other Jurisdiction) of Incorporation) (Commission File No.) (I.R.S. Employer Identification No.)

<u>60 State Street, Boston, Massachusetts</u> <u>02109</u> <br> (Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (800) 773-5601, ext. 133773

<u>Not Applicable</u>

(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):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ 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: | Securities registered pursuant to Section 12(b) of the Act: |  |
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.01 per share<br>| BHLB<br>| New York Stock Exchange<br>|

---

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. ☐

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**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 <u>Financial Statements and Exhibits.</u>**

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| | | |
|:---|:---|:---|
| (a) <br>| Financial Statements of Businesses Acquired. Not applicable. | Financial Statements of Businesses Acquired. Not applicable. |
| (b) <br>| Pro Forma Financial Information. Not applicable. | Pro Forma Financial Information. Not applicable. |
| (c) <br>| Shell Company Transactions. Not applicable. | Shell Company Transactions. Not applicable. |
| (d) <br>| Exhibits. |  |
|  | Exhibit No. | Description |
|  | [99.1](ex99-1.htm) | [News Release dated January 25, 2023](ex99-1.htm) |
|  | 104.1 | 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.

---

| | | |
|:---|:---|:---|
|  |  | **Berkshire Hills Bancorp, Inc.** |
| DATE: January 25, 2023 | By: <br>| <u>/s/ Nitin J. Mhatre</u> |
|  |  | Nitin J. Mhatre<br> President and Chief Executive Officer |

---

## Exhibit 99.1

EXHIBIT 99.1<br>

![](image00001.jpg)

#### 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.

###

#### CONTACTS

#### Investor Relations Contacts
Kevin Conn, SVP, Investor Relations & Corporate Development<br> Email: KAConn@berkshirebank.com<br> Tel: (617) 641-9206

David Gonci, Capital Markets Director<br> Email: <u>dgonci@berkshirebank.com</u><br> Tel: (413) 281-1973

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