Exhibit 99.1
BERKSHIRE HILLS MAINTAINS MERGER TERMS WITH CNB FINANCIAL
Pittsfield, MA, June 1, 2009 — Berkshire Hills Bancorp (BHLB) today announced that it is
maintaining its existing merger terms with CNB Financial Corp., the parent of Commonwealth National
Bank, headquartered in Worcester, Massachusetts.
On May 29, 2009, CNB announced that it is entering into discussions relating to unsolicited
acquisition proposals that it has received. CNB affirmed its existing merger agreement with
Berkshire, and stated that there can be no assurances that the unsolicited proposals will lead to
termination of the existing merger agreement or the execution of a definitive agreement with a
different party. Berkshire is an experienced acquirer and has demonstrated its ability to
consummate the transactions that it has announced.
In a release dated May 21, 2009, Berkshire and CNB announced revised terms of the merger agreement,
which was approved by the Boards of Directors of both companies. CNB stockholders would receive
0.4292 shares of Berkshire common stock for each share of CNB common stock.
Berkshire President and CEO Michael P. Daly stated, “We believe that our offer to CNB is fairly
priced and that it continues to be a superior offer. The share exchange that we have agreed to
offers the best long run investment opportunity for the stockholders of CNB. While we view the
Worcester market as a natural extension of our current footprint and we remain interested in that
market, we will not price a merger or acquisition that does not deliver acceptable returns to
Berkshire stockholders. As we announced in our most recent earnings release, Berkshire is active
on several fronts in pursuing growth opportunities which we expect to deliver attractive long run
stockholder returns.”
BACKGROUND
Berkshire Hills Bancorp is headquartered in Pittsfield, Massachusetts. It has $2.7 billion in
assets and is the parent of Berkshire Bank — America’s Most Exciting BankSM. The
Company provides personal and business banking, insurance, wealth management, and investment
services through 48 financial centers in western Massachusetts, northeastern New York, and southern
Vermont. Berkshire Bank provides 100% deposit insurance protection, regardless of amount, based on
a combination of FDIC insurance and the Depositors Insurance Fund (DIF). For more information,
visit www.berkshirebank.com or call 800-773-5601.
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