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<ACCESSION-NUMBER>0001193125-07-115334
<TYPE>425
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<FILING-DATE>20070515
<DATE-OF-FILING-DATE-CHANGE>20070515
<SUBJECT-COMPANY>
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<CONFORMED-NAME>BERKSHIRE HILLS BANCORP INC
<CIK>0001108134
<ASSIGNED-SIC>6036
<IRS-NUMBER>043510455
<FISCAL-YEAR-END>1231
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<FORM-TYPE>425
<ACT>34
<FILE-NUMBER>000-51584
<FILM-NUMBER>07851787
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<BUSINESS-ADDRESS>
<STREET1>24 NORTH ST.
<CITY>PITTSFIELD
<STATE>MA
<ZIP>01201
<PHONE>4134435601
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<STREET1>24 NORTH ST
<CITY>PITTSFIELD
<STATE>MA
<ZIP>01201
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<FISCAL-YEAR-END>1231
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<CITY>PITTSFIELD
<STATE>MA
<ZIP>01201
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<STREET1>24 NORTH ST
<CITY>PITTSFIELD
<STATE>MA
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<SEQUENCE>1
<FILENAME>d425.htm
<DESCRIPTION>FORM 425
<TEXT>
<HTML><HEAD>
<TITLE>Form 425</TITLE>
</HEAD>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">Filed by Berkshire Hills Bancorp, Inc.<BR>pursuant to Rule 425<BR>under the Securities Act of
1933<BR><BR>Subject Company<BR>Factory Point Bancorp, Inc.<BR>Commission File Number 0-51584 </FONT></P>
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<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Memo&nbsp;&nbsp;To</B>:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">All Employees </FONT></TD></TR></TABLE>
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<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>From</B>:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Guy Boyer, President and CEO </FONT></TD></TR></TABLE>
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<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B>Date</B>:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">May&nbsp;15, 2007 </FONT></TD></TR></TABLE><HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The
Board of Directors of Factory Point Bancorp has voted to merge with Berkshire Hills Bancorp of Pittsfield, Massachusetts. Factory Point National Bank and Berkshire Bank have both proudly served local communities and customers for more than 100 years
and will continue to do so in our new partnership. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Why are we doing this? We have evaluated our strategic options and have concluded that this is the
right decision and that Berkshire is the partner of choice. Unlike most other larger institutions, Berkshire is very similar to us in how they treat their employees, customers and communities. Berkshire offers an engaging and exciting environment
and shares the same community banking philosophy and commitment to excellent service. Combining with Berkshire allows us to keep pace with changing market demands by expanding services and increasing the range of financial options available to our
customers. Because of Berkshire&#146;s desire to expand into Vermont, this choice will also be the best one for our co-workers. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The communities that
Berkshire Bank does business in are very similar to the communities we serve. That was essential in our decision to move forward. Berkshire presently operates in three regions, Berkshire County and the Pioneer Valley in Massachusetts, and the
Capital Region in New York. Berkshire takes pride in its local presence and the addition of the Southern Vermont market is a natural fit. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">I am sure there
will be many questions about what this means to you and I promise you that over the coming weeks you will be kept informed. Our customers will also have questions and it is important to reassure them that it will be business as usual. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We know that our success is because of our people. I&#146;m sure you have concerns about the future and we will continue to do as much as possible to ease you through
this transition. Please know that we will answer your questions honestly and as quickly as we have answers. It is anticipated that it will take approximately five months to complete the combining of the two banks and it is our expectation that
operations will continue to be staffed similarly to how they are now. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We will have a bank wide meeting this Thursday at the Equinox at 6:30 to give you an
opportunity to meet several of the Berkshire folks and hear their plans for the future. Over the next few days Dan and I will be visiting many of you with a few of our Berkshire counterparts for you to meet them one-on-one. </FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B><U>FACTORY POINT </U></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Q &amp; A Guide for Employees</U></B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>What does this announcement mean?</U></B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The announcement means that Factory Point National Bank will be merged into Berkshire Bank, one of Massachusetts oldest and largest independent banks, and the largest
banking institution in Western Massachusetts. Berkshire is headquartered in Pittsfield, Massachusetts. Through its affiliates, Berkshire Insurance Group, Berkshire Bank Investment Services, Inc. and the Asset Management/Trust Group, it provides
access to a full range of insurance, investment and asset management/trust services. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Why now?</U></B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This will allow us to provide expanded services to our customers and increase the range of financial options available to them. Future growth requires a level of
investment that would be challenging to sustain on our own. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Why Berkshire?</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Berkshire holds the same values as Factory Point. We share the same community banking philosophy and a strong commitment to customer service excellence. They know customers like to bank where it is familiar, where
they know the people and where decisions are made locally. Berkshire is an alternative to larger banks and is able to provide more resources while still offering intimate customer service. We can feel good about this partnership with Berkshire.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>When will it take place?</U></B> </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">There are many activities that must occur prior to the final combination of the two banks, including approvals from
regulators and Berkshire and our shareholders. There will also be many other operational issues to address over the coming months. Given those necessary steps, we expect the transaction to be finalized some time during the 3</FONT><FONT
FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>rd</SUP></FONT><FONT FACE="Times New Roman" SIZE="2" COLOR="#000000"> or 4</FONT><FONT FACE="Times New Roman" SIZE="1" COLOR="#000000"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"
COLOR="#000000"> quarter of 2007. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>What happens in the meantime?</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">We will continue to operate in the best possible manner for our employees, customers and shareholders. We must remain focused on delivering the excellent service that our customers have come to expect from us.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Members of the Factory Point management team will also begin working with our counterparts at Berkshire to prepare for the integration of systems and
operations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>What does this mean to customers?</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">For our customers, banking at Factory Point will remain the same. Although our name will change, like Factory Point, Berkshire Bank is very focused on customers. We share a commitment to providing what&#146;s important to customers &#150;
including our excellent service. And in the future, our customers will be able to take advantage of additional services. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">In all likelihood, customers will
have questions about this announcement. Our first priority is to assure them that we will continue business as usual and they will continue to see the same friendly faces they have come to expect at FPNB. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Will any branches close?</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">It is Berkshire&#146;s intent that all Factory Point offices will remain open. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>What does this mean to me?</U></B>
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">We are partnering with a great organization that provides exciting opportunities to its employees. As we continue to grow, there will be new career
opportunities for many employees. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Initially, there will be no impact to most employees. It is likely that as we move forward, some functions will be
consolidated or changed and every effort will be made to offer positions to those affected. It is too early to determine what the specific impact will be. However, a generous severance benefit and career transition program will be provided to anyone
whose position is eliminated. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The most important thing you can do in the meantime is to continue to focus on doing the best job you can. </FONT></P> <P
STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>How will my benefits change?</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Employees who continue with
Berkshire Bank will receive the same health and welfare benefits as Berkshire employees which will result in several enhancements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>What should I do
if I have other concerns?</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">It is natural to feel uncertain in times of change, especially when there are many unanswered questions. To help
employees, we will be conducting informal meetings to discuss the changes as they occur. You should also feel comfortable in talking with your manager about your concerns. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B><U>In the meantime, there are things you can and should do:</U></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Please think positively!</B> This can be an
excellent opportunity for the Bank and its employees. While there are many uncertainties, there will also be new opportunities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Continue to do your
best and learn all you can!</B> It&#146;s the best thing you can do for yourself and your future. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Focus on the facts!</B> We will do our best to get
timely and accurate information out to everyone as quickly as possible. If you hear something that you would like clarified, please discuss it with your supervisor or someone else who either has the answer or can get one. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B>Continue to provide excellent customer service!</B> During this change, customers will still expect &#150; and deserve &#150; the same level of service we&#146;ve
always provided. They rely on our professional, efficient service. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">ADDITIONAL INFORMATION AND WHERE TO FIND IT </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">The proposed transaction will be submitted to Berkshire Hills&#146; and Factory Point&#146;s stockholders for their consideration. Berkshire Hills will file with the SEC
a registration statement on Form S-4 that will include a joint proxy statement/prospectus and other relevant documents concerning Berkshire Hills Bancorp, Factory Point, the proposed transaction, the persons soliciting proxies in the merger and
their interests in the merger and related matters. Stockholders of Berkshire Hills and Factory Point are urged to read the registration statement, including the joint proxy statement/prospectus, when it becomes available and any other relevant
documents filed with the SEC because they contain important information. You will be able to obtain a free copy of all documents filed with the SEC by Berkshire Hills on the SEC&#146;s Web site (http://www.sec.gov). In addition, documents filed with
the SEC by Berkshire Hills will be available, without charge, by directing a request to Ann Racine, Investor Relations, Berkshire Hills Bancorp, Inc., 24 North Street, Pittsfield, MA 01201 (413)&nbsp;236-3144. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>

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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Berkshire Hills and its directors and executive officers may be deemed to be participants in the solicitation of proxies
from its stockholders in connection with the merger. Information about the directors and executive officers of Berkshire Hills and their ownership of Berkshire Hills common stock is set forth in the proxy statement, dated April&nbsp;2, 2007, for
Berkshire Hills&#146; 2007 annual meeting of stockholders, which is available on Berkshire&#146;s website at www.berkshirebank.com and on the SEC&#146;s website. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman"
SIZE="2">FORWARD-LOOKING STATEMENTS </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">This Q&amp;A guide contains certain forward-looking statements about the proposed merger of Berkshire Hills Bancorp and
Factory Point. These statements include statements regarding the anticipated closing date of the transaction and anticipated future results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or
current facts. They often include words like &#147;believe,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;estimate,&#148; and &#147;intend&#148; or future or conditional verbs such as &#147;will,&#148; &#147;would,&#148;
&#147;should,&#148; &#147;could&#148; or &#147;may.&#148; Certain factors that could cause actual results to differ materially from expected results include delays in completing the merger, difficulties in achieving cost savings from the merger or
in achieving such cost savings within the expected time frame, difficulties in integrating Berkshire Hills Bancorp and Factory Point, increased competitive pressures, changes in the interest rate environment, changes in general economic conditions,
legislative and regulatory changes that adversely affect the business in which Berkshire Hills Bancorp and Factory Point are engaged, changes in the securities markets and other risks and uncertainties disclosed from time to time in documents that
Berkshire Hills Bancorp files with the Securities and Exchange Commission. </FONT></P>
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