<SUBMISSION>
<ACCESSION-NUMBER>0000950123-09-018605
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20090624
<ITEMS>1.01
<ITEMS>1.02
<ITEMS>9.01
<FILING-DATE>20090629
<DATE-OF-FILING-DATE-CHANGE>20090629
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BERKSHIRE HILLS BANCORP INC
<CIK>0001108134
<ASSIGNED-SIC>6036
<IRS-NUMBER>043510455
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-51584
<FILM-NUMBER>09916359
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>24 NORTH ST.
<CITY>PITTSFIELD
<STATE>MA
<ZIP>01201
<PHONE>4134435601
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>24 NORTH ST
<CITY>PITTSFIELD
<STATE>MA
<ZIP>01201
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c87422e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV
style="margin-left: 0.25in; width: 7.2in; font-family: 'Times New Roman',Times,serif">
<DIV style="font-size: 10pt">
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>

<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): June 24, 2009</B>

<P style="font-size: 24pt" align="center"><B>BERKSHIRE HILLS BANCORP,
INC.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-51584</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>04-3510455</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>24 North Street, Pittsfield,
Massachusetts<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>01201</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(413) 443-5601</B>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="30%" border="0">

 <TR>
  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>Not
Applicable<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">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:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



<DIV
style="margin-top: 10pt; font-size: 1pt; width: 100%; border-bottom: black 1pt solid">&nbsp;</DIV>
<DIV
style="font-size: 1pt; width: 100%; border-bottom: black 2pt solid">&nbsp;</DIV>
</DIV>

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">1
</DIV>

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<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

 <TR
style="font-size: 10pt; background: none transparent scroll repeat 0% 0%; color: #000000"
valign="top">
  <TD nowrap align="left" width="3%"><B>Item&nbsp;1.01</B></TD>
  <TD width="1%">&nbsp;</TD>
  <TD><U><B>Entry into a Material Definitive Agreement. </B></U></TD>
  <TD style="background: none transparent scroll repeat 0% 0%"
width="5%">&nbsp;</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt; text-indent: 4%" align="left">On June&nbsp;24, 2009,
Berkshire Hills Bancorp, Inc. (the &#8220;Company&#8221;) entered into a
Warrant Repurchase Agreement (the &#8220;Repurchase Agreement&#8221;) with the
United States Department of the Treasury (&#8220;Treasury&#8221;) and
repurchased for $1,040,000 million the warrant to purchase 226,330 shares of
Company common stock issued and sold to the Treasury in connection with the
Company&#8217;s issuance and sale of 40,000 shares of Fixed Rate Cumulative
Perpetual Preferred Stock (the &#8220;Preferred Stock&#8221;). On May&nbsp;27,
2009, the Company redeemed the Preferred Stock. The Repurchase Agreement is
attached as Exhibit&nbsp;10.1 to this Current Report on Form 8-K
(&#8220;Report&#8221;) and is incorporated herein by reference.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;1.02 </B><U><B>Termination
of a Material Definitive Agreement</B></U>

<P style="font-size: 10pt; text-indent: 4%" align="left">On June&nbsp;25, 2009,
the Company and CNB Financial Corp. (&#8220;CNB Financial&#8221;), entered into
a Merger Termination Agreement (the &#8220;Termination Agreement&#8221;)
pursuant to which the Company and CNB Financial mutually terminated the
Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;) that the
parties previously executed on April&nbsp;29, 2009. Under the terms of the
Termination Agreement, the Company was paid a termination fee of $970,000.

<P style="font-size: 10pt; text-indent: 4%" align="left">Copies of the Merger
Agreement and the Termination Agreement, are included as Exhibits 2.1 and 2.2,
respectively, to this Report and are incorporated herein by reference. The
material terms and conditions of the Merger Agreement were previously disclosed
in the Company&#8217;s Current Report on Form 8-K filed on April&nbsp;29, 2009.
A copy of the Company&#8217;s press release announcing that the Company has
entered into the Termination Agreement is attached as Exhibit&nbsp;99.1 to this
Report.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01 </B><U><B>Financial
Statements and Exhibits</B></U>

<P style="font-size: 10pt" align="left">(d)&nbsp;Exhibits.
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger dated as of April&nbsp;29, 2009 by and between
Berkshire Hills Bancorp, Inc. and CNB Financial Corp. (incorporated by
reference to Exhibit&nbsp;2.1 to Berkshire Hills Bancorp, Inc.&#146;s Current
Report on Form&nbsp;8-K filed with the SEC on April&nbsp;29, 2009).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger Termination Agreement dated as of June&nbsp;25, 2009 by and between Berkshire Hills Bancorp, Inc. and CNB Financial Corp.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repurchase Agreement, dated June&nbsp;24, 2009, between the United States Department of the Treasury and Berkshire Hills Bancorp, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated June&nbsp;25, 2009.</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">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.

<P style="font-size: 10pt; margin-left: 46%" align="left"><B>Berkshire Hills
Bancorp, Inc.</B>

<P style="font-size: 10pt" align="left">DATE: June&nbsp;29, 2009

<P style="margin-top: -11pt; font-size: 10pt; margin-left: 46%"
align="left">By: <U>/s/Kevin P.
Riley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><Br>Kevin P. Riley<BR>
Executive Vice President and Chief<BR>
Financial
Officer

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
</DIV>

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<P>
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%"
border="0">

</TABLE>


<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agreement and Plan of Merger dated as of April&nbsp;29, 2009 by and between
Berkshire Hills Bancorp, Inc. and CNB Financial Corp. (incorporated by
reference to Exhibit&nbsp;2.1 to Berkshire Hills Bancorp, Inc.&#146;s Current
Report on Form&nbsp;8-K filed with the SEC on April&nbsp;29, 2009).</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger Termination Agreement dated as of June&nbsp;25, 2009 by and between Berkshire Hills Bancorp, Inc. and CNB Financial Corp.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repurchase Agreement, dated June&nbsp;24, 2009, between the United States Department of the Treasury and Berkshire Hills Bancorp, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release dated June&nbsp;25, 2009.</TD>
</TR>
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</DIV>



<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>2
<FILENAME>c87422exv2w2.htm
<DESCRIPTION>EXHIBIT 2.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 2.2</TITLE>
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<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="right"><B>Exhibit&nbsp;2.2</B>

<P style="font-size: 10pt" align="center"><B>MERGER TERMINATION AGREEMENT</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">This Merger Termination Agreement (this
&#8220;Agreement&#8221;) is entered into as of June&nbsp;25, 2009 by and between Berkshire Hills Bancorp, Inc.
(&#8220;Berkshire Hills Bancorp&#8221;), a Delaware corporation, and CNB Financial Corp. (&#8220;CNB Financial&#8221;),
a Massachusetts corporation.

<P style="font-size: 10pt" align="center"><U>RECITALS</U>

<P style="font-size: 10pt; text-indent: 4%" align="justify">WHEREAS, Berkshire Hills Bancorp and CNB Financial have
entered into an Agreement and Plan of Merger, dated April 29, 2009, as amended on May&nbsp;21, 2009 (the &#8220;Merger
Agreement&#8221;); and

<P style="font-size: 10pt; text-indent: 4%" align="justify">WHEREAS, capitalized terms used but not otherwise defined
herein shall have the respective meanings assigned to such terms in the Merger Agreement; and

<P style="font-size: 10pt; text-indent: 4%" align="justify">WHEREAS, Section&nbsp;7.1(a) of the Merger Agreement
provides that the Merger Agreement may be terminated at any time prior to the Effective Time of the Merger by mutual
written consent of Berkshire Hills Bancorp and CNB Financial; and

<P style="font-size: 10pt; text-indent: 4%" align="justify">WHEREAS, Berkshire Hills Bancorp and CNB Financial intend
to terminate the Merger Agreement effective upon the receipt by Berkshire Hills Bancorp of the Fee provided for in
Section 2(b) of this Agreement; and

<P style="font-size: 10pt; text-indent: 4%" align="justify">WHEREAS, the Boards of Directors of Berkshire Hills Bancorp
and CNB Financial have each authorized the termination of the Merger Agreement pursuant to the terms of this Agreement.

<P style="font-size: 10pt" align="center"><U>AGREEMENT</U>

<P style="font-size: 10pt; text-indent: 4%" align="justify">NOW, THEREFORE, in consideration of the promises and the
agreements set forth herein, the parties agree as follows:

<P style="font-size: 10pt; text-indent: 4%" align="justify">1.&nbsp;<U>Termination of Merger Agreement</U>. Effective
immediately upon receipt by Berkshire Hills Bancorp of the Fee described in Section 2(b) below, Berkshire Hills Bancorp
and CNB Financial hereby terminate the Merger Agreement pursuant to Section&nbsp;7.1(a) of the Merger Agreement by the
mutual consent of the parties thereto. If the Fee is not received by Berkshire Hills Bancorp by the date specified in
Section 2(b) below, this Agreement shall become null and void and have no effect, and the Merger Agreement shall
continue in full force and effect as if this Agreement had not been entered into.

<P style="font-size: 10pt" align="center">1

<P style="font-size: 10pt" align="center">

<P style="display: none; font-size: 10pt" align="center">1
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<DIV style="margin-left: 0.25in; width: 7.5in; font-family: 'Times New Roman',Times,serif">

<P style="font-size: 10pt" align="justify">2.&nbsp;<U>Effect of Termination; Mutual Discharge and Waiver</U>.

<P style="font-size: 10pt; text-indent: 8%" align="justify">(a)&nbsp;Except as expressly provided in this Agreement,
including Section&nbsp;4 hereto, as a result of the termination of the Merger Agreement pursuant to this Agreement, the
Merger Agreement shall become void, and there shall be no liability under the Merger Agreement on the part of any party
hereto or any of their respective affiliates, subsidiaries, directors, officers, shareholders, employees, agents,
financial and legal advisors and other representatives, and all rights and obligations of each party thereto shall
cease, except that no party shall be relieved or released from any liabilities or damages arising out of a willful
breach as provided in Section&nbsp;7.3 of the Merger Agreement.

<P style="font-size: 10pt; text-indent: 8%" align="justify">(b)&nbsp;CNB Financial shall pay to Berkshire Hills Bancorp
the $970,000 termination fee (the &#8220;Fee&#8221;) provided for in Section&nbsp;7.2(a) of the Merger Agreement on or
before the business day following the date of this Agreement. Payment of the Fee shall be made by wire transfer of
immediately available funds to the account designated by Berkshire Hills Bancorp on <U>Exhibit&nbsp;A</U> hereto. In
the event CNB Financial has paid the Fee by wire transfer to the account designated on Exhibit&nbsp;A before the
execution of this Agreement, the Fee shall be deemed to be received by Berkshire Hills Bancorp concurrently with the
execution of this Agreement. Berkshire Hills Bancorp acknowledges that payment of the Fee shall constitute full and
final satisfaction of any and all obligations of CNB Financial under Section&nbsp;7.2 of the Merger Agreement.

<P style="font-size: 10pt; text-indent: 8%" align="justify">(c)&nbsp;Effective upon receipt by Berkshire Hills Bancorp
of the Fee described in Section 2(b) above, each party hereto, on behalf of itself and, to the extent permitted by law,
its affiliates, subsidiaries, directors, officers, shareholders, employees, agents, financial and legal advisors and
other representatives, and the successors and assigns of each of them (each, a &#8220;Releasing Party&#8221;), hereby
releases the other party hereto and each of its respective affiliates, subsidiaries, directors, officers, shareholders,
employees, agents, financial and legal advisors and other representatives, and the successors and assigns of each of
them, from any and all liabilities and obligations, claims, causes of action and suits, at law or in equity, whether
now known or unknown, whether arising under any federal, state, local or foreign law or otherwise, that any Releasing
Party has, has had or may have in the future arising out of, relating to, or in connection with the Merger Agreement,
the CNB Financial Voting Agreements and the transactions contemplated thereby, including, without limitation, any
liability or obligation set forth in Section&nbsp;7.2 of the Merger Agreement and any liability or obligation arising
out of any breach or alleged breach of any representation, warranty, covenant or agreement contained in the Merger
Agreement, provided that nothing in this Section&nbsp;2 shall impair the survival and full force of the Confidentiality
Agreements (as defined in Section&nbsp;4 below).

<P style="font-size: 10pt; text-indent: 4%" align="justify">3.&nbsp;<U>Acknowledgement of Termination of CNB Financial
Voting Agreements</U>. Berkshire Hills Bancorp and CNB Financial each acknowledge that, effective upon and by virtue of
the termination of the Merger Agreement pursuant to Section&nbsp;1 hereof, the CNB Financial Voting Agreements executed
in connection with the Merger Agreement shall be simultaneously terminated in accordance with their terms and no
obligations, rights, responsibilities or other encumbrances or restrictions of any kind shall result or arise therefrom.

<P style="font-size: 10pt" align="center">2

<P style="font-size: 10pt" align="center">

<P style="display: none; font-size: 10pt" align="center">2
</DIV>

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<P style="font-size: 10pt; text-indent: 4%" align="justify">4.&nbsp;<U>Survival of Confidentiality Agreement</U>.
Notwithstanding anything contained in this Agreement or in the Merger Agreement to the contrary, the provisions of the
Confidentiality Agreements dated February&nbsp;23, 2009 and April&nbsp;9, 2009 between Berkshire Hills Bancorp and CNB
Financial (the &#8220;Confidentiality Agreements&#8221;) shall survive and remain in full force and effect in
accordance with its terms. On or before July&nbsp;10, 2009, Berkshire Hills Bancorp and CNB Financial agree to return
to the other party all Confidential Information (as such term is defined in the Confidentiality Agreements) held by it
or any of its affiliates, directors, officers, employees, agents, financial advisors, legal advisors, accountants or
controlling persons (the &#8220;Representatives&#8217;), and to destroy all other documents, memoranda, notes,
summaries, analyses, extracts, compilations, studies or other material prepared by or in the possession of the other
party of their Representatives, based on the Confidential Information. Each party acknowledges that the Confidentiality
Agreements apply to any respective successor(s) thereof.

<P style="font-size: 10pt; text-indent: 4%" align="justify">5.&nbsp;<U>Representations of Berkshire Hills Bancorp</U>.
Each of Berkshire Hills Bancorp and its subsidiaries is an entity duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization and has requisite power and authority to operate its business as
it is now currently conducted. Berkshire Hills Bancorp has full corporate power and authority to execute and deliver
this Agreement. This Agreement has been duly and validly executed and delivered by Berkshire Hills Bancorp and
constitutes a valid binding obligation of Berkshire Hills Bancorp enforceable against Berkshire Hills Bancorp in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium or other similar laws now or hereafter in effect relating to creditor&#8217;s
rights generally and by general equitable principles.

<P style="font-size: 10pt; text-indent: 4%" align="justify">6.&nbsp;<U>Representations of CNB Financial</U>. Each of
CNB Financial and its subsidiaries is an entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization and has requisite power and authority to operate its business as it is now
currently conducted. CNB Financial has full corporate power and authority to execute and deliver this Agreement. This
Agreement has been duly and validly executed and delivered by CNB Financial and constitutes a valid binding obligation
of CNB Financial enforceable against CNB Financial in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws now or
hereafter in effect relating to creditor&#8217;s rights generally and by general equitable principles.

<P style="font-size: 10pt; text-indent: 4%" align="justify">7.&nbsp;<U>Public Announcement</U>. Berkshire Hills Bancorp
and CNB Financial acknowledge that each intends to issue a press release promptly after the execution of this Agreement
with respect to this Agreement and the termination of the Merger Agreement. Each of Berkshire Hills Bancorp and CNB
Financial shall consult with the other before issuing such press release.

<P style="font-size: 10pt; text-indent: 4%" align="justify">8.&nbsp;<U>Governing Law</U>. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of laws
principles. This Agreement shall be binding upon any successor to Berkshire Hills Bancorp or CNB Financial.

<P style="font-size: 10pt" align="center">3

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<P style="font-size: 10pt; text-indent: 4%" align="justify">9.&nbsp;<U>Specific Performance</U>. The parties hereto
agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance
with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition
to any other remedy at law or in equity.

<P style="font-size: 10pt; text-indent: 4%" align="justify">10.&nbsp;<U>Headings</U>. The descriptive headings
contained in this Agreement are included for convenience of reference only and shall not effect in any way the meaning
or interpretation of this Agreement.

<P style="font-size: 10pt; text-indent: 4%" align="justify">11.&nbsp;<U>Amendment; Counterparts</U>. This Agreement may
be modified or amended only by a writing signed by the parties hereto. This Agreement may be executed and delivered
(including by facsimile transmission) in one or more counterparts, and by the different parties hereto in separate
counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement.

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<P style="font-size: 10pt; text-indent: 4%" align="justify">IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized officers as of the date first written above.

<P style="font-size: 10pt; margin-left: 45%" align="justify"><B>Berkshire Hills Bancorp, Inc.</B>

<P style="font-size: 10pt; margin-left: 45%" align="justify">By: <U><B>/</B>s/Michael P.
Daly&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Michael
P. Daly<BR>
President and Chief Executive Officer<BR>


<P style="font-size: 10pt; margin-left: 45%" align="justify"><B>CNB Financial Corp.</B>

<P style="font-size: 10pt; margin-left: 45%" align="justify">By: <U><B>/</B>s/Cary J.
Corkin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Cary
J. Corkin<BR>
Chairman of the Board of Directors<BR>


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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>c87422exv10w2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<P style="font-size: 10pt" align="right"><B>Exhibit&nbsp;10.2</B>

<P style="font-size: 10pt" align="center">UNITED STATES DEPARTMENT OF THE TREASURY<BR>
1500 Pennsylvania Avenue,
NW<BR>
Washington, D.C. 20220

<P style="font-size: 10pt" align="center">June&nbsp;24, 2009

<P style="font-size: 10pt" align="left">Ladies and Gentlemen:

<P style="font-size: 10pt; text-indent: 4%" align="left">Reference is made to that certain letter agreement (the
&#8220;<I>Repurchase Letter Agreement</I>&#8221;)<I>, </I>dated as of the date set forth on Schedule&nbsp;A hereto,
between the United States Department of the Treasury (the &#8220;<I>Investor</I>&#8221;<I>) </I>and the company set
forth on Schedule&nbsp;A hereto (the &#8220;<I>Company</I>&#8221;). Capitalized terms used but not defined herein shall
have the meanings assigned to them in the Repurchase Letter Agreement.

<P style="font-size: 10pt; text-indent: 4%" align="left">As documented by the Repurchase Letter Agreement, the Company
has completed the repurchase from the Investor of all of the Preferred Shares issued to the Investor pursuant to the
Securities Purchase Agreement. Following such time, the Company delivered a Warrant Repurchase Notice dated as of the
date set forth on Schedule&nbsp;A hereto to the Investor. In connection with the consummation, on the date hereof, of
the repurchase of the Warrant by the Company from the Investor, as contemplated by the Warrant Repurchase Notice and
Section&nbsp;4.9 of the Securities Purchase Agreement:

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%; margin-right: 3%" align="left">(a)&nbsp;The Company hereby
acknowledges receipt from the Investor of the Warrant; and

<P style="font-size: 10pt; margin-left: 4%; text-indent: 4%" align="left">(b)&nbsp;The Investor hereby acknowledges
receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule&nbsp;A hereto in
immediately available funds of the aggregate purchase price set forth on Schedule&nbsp;A hereto, representing payment
in full for the Warrant, determined in accordance with Section&nbsp;4.9 of the Securities Purchase Agreement.

<P style="font-size: 10pt; text-indent: 4%" align="left">This letter agreement will be governed by and construed in
accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in
accordance with the laws of the State of New&nbsp;York applicable to contracts made and to be performed entirely within
such State.

<P style="font-size: 10pt; text-indent: 4%" align="left">This letter agreement may be executed in any number of
separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will
together constitute the same agreement. Executed signature pages to this letter agreement may be delivered by facsimile
and such facsimiles will be deemed sufficient as if actual signature pages had been delivered.

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<P style="font-size: 10pt; text-indent: 4%" align="left">In witness whereof, the parties have duly executed this letter
agreement as of the date first written above.

<P style="font-size: 10pt; margin-left: 46%" align="left">UNITED STATES DEPARTMENT OF THE TREASURY

<P style="font-size: 10pt; margin-left: 46%" align="left">By<U>:<B>/</B>s/Duane
Morse&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
Name: Duane Morse <BR>
Title: Chief Risk and Compliance Officer

<P style="font-size: 10pt; margin-left: 46%" align="left">COMPANY:BERKSHIRE HILLS BANCORP, INC.

<P style="font-size: 10pt; margin-left: 46%" align="left">By:<U>/s/Michael P.
Daly&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:
Michael P. Daly<BR>
Title: President and CEO<BR>


<P style="font-size: 10pt; margin-left: 40%" align="left">&nbsp;

<P style="font-size: 10pt" align="center">

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<P style="font-size: 10pt; margin-left: 0%" align="right"><B>SCHEDULE A</B>

<P style="font-size: 10pt; margin-right: 26%" align="left"><U>Company Information:</U>

<P style="font-size: 10pt; margin-left: 2%" align="left">Name of the Company: Berkshire Hills Bancorp, Inc.

<P style="font-size: 10pt; margin-left: 2%; margin-right: 26%" align="left">Corporate or other organizational form of
the Company: Corporation

<P style="font-size: 10pt; margin-left: 2%" align="left">Jurisdiction of organization of the Company: Delaware

<P style="font-size: 10pt; margin-right: 26%" align="left"><U>Information related to the Preferred Share Repurchase:</U>

<P style="font-size: 10pt; margin-left: 2%" align="left">Date of Repurchase Letter Agreement for the
repurchase of all 40,000 of the Preferred Shares: May&nbsp;27, 2009<sup>1</sup>

<P style="font-size: 10pt; margin-right: 26%" align="left"><U>Terms of the Warrant Repurchase:</U>

<P style="font-size: 10pt; margin-left: 2%" align="left">Date of Warrant Repurchase Notice: June&nbsp;18, 2009

<P style="font-size: 10pt; margin-left: 2%" align="left"><U>Aggregate purchase price for the Warrant</U>: $1,040,000.00

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" cellpadding="0" width="100%" border="0">
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<TR valign="bottom">
  <TD width="60%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="39%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 10px; text-indent: -10px"><B>Investor wire information for payment of purchase price for the Warrant:</B></DIV></TD>
  <TD>&nbsp;</TD>
  <TD align="left"><B>ABA Number: 021000018<BR>
Bank: Bank of New York Mellon<BR>
Account Name: BETA EESA<BR>
Preferred Account<BR>
Account Number: GLA/111567<BR>
Beneficiary: Ref: a/c #629904</B></TD>
</TR>
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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>c87422exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
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<P style="font-size: 10pt" align="right"><B>Exhibit&nbsp;99.1</B>

<P style="font-size: 10pt" align="center"><B>Berkshire Hills Terminates Merger Agreement with CNB Financial and
Repurchases TARP Warrant</B>

<P style="font-size: 10pt" align="left">Company Release &#8212; 06/25/2009 19:43

<P style="font-size: 10pt" align="left">PITTSFIELD, Mass.&#8212;(BUSINESS WIRE)&#8212; Berkshire Hills Bancorp
(BHLB)&nbsp;has entered into an agreement with CNB Financial Corp. to terminate the definitive merger agreement
previously entered into on April&nbsp;29, 2009. A termination fee payment of $970 thousand has been made to Berkshire.

<P style="font-size: 10pt" align="left">Berkshire has also repurchased the warrant for 226 thousand common shares
issued to the U.S. Treasury in conjunction with the preferred stock which Berkshire had issued to the Treasury in
December&nbsp;2008 and repaid in May&nbsp;2009. Berkshire paid $1.04&nbsp;million to the Treasury to repurchase the
warrant.

<P style="font-size: 10pt" align="left">BACKGROUND

<P style="font-size: 10pt" align="left">Berkshire Hills Bancorp is headquartered in Pittsfield, Massachusetts. It has
$2.7&nbsp;billion in assets and is the parent of Berkshire Bank &#8212; America&#8217;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 <U>www.berkshirebank.com</U> or call 800-773-5601.

<P style="font-size: 10pt; text-indent: 4%" align="left">Source: Berkshire Hills Bancorp

<P style="font-size: 10pt" align="left">Contact: Berkshire Hills Bancorp David H. Gonci, 413-281-1973 Corporate Finance
Officer

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