<SEC-DOCUMENT>0000943374-19-000464.txt : 20191021
<SEC-HEADER>0000943374-19-000464.hdr.sgml : 20191021
<ACCEPTANCE-DATETIME>20191021161940
ACCESSION NUMBER:		0000943374-19-000464
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191021
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20191021
DATE AS OF CHANGE:		20191021

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:		191159760

	BUSINESS ADDRESS:	
		STREET 1:		60 STATE STREET
		STREET 2:		38TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-807-8190

	MAIL ADDRESS:	
		STREET 1:		60 STATE STREET
		STREET 2:		38TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_102119.htm
<DESCRIPTION>BERKSHIRE HILLS BANCORP, INC. FORM 8-K OCTOBER 21, 2019
<TEXT>
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    <div style="text-align: center; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-weight: bold;">WASHINGTON, D.C. 20549</div>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
    <div><br>
    </div>
    <div style="text-align: center;">PURSUANT TO SECTION 13 OR 15(D) OF</div>
    <div style="text-align: center;">THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div><br>
    </div>
    <div style="text-align: center;">Date of Report (Date of earliest event reported): <u>October 21, 2019</u></div>
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    </div>
    <div style="text-align: center;"><u>BERKSHIRE HILLS BANCORP, INC.</u></div>
    <div style="text-align: center; font-size: 8pt;">(Exact Name of Registrant as Specified in its Charter)</div>
    <div><br>
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            <div style="text-align: center;"><u>Delaware</u></div>
          </td>
          <td style="width: 5.03%; vertical-align: top;">&#160;</td>
          <td style="width: 20%; vertical-align: top;">
            <div style="text-align: center;"><u>001-15781</u></div>
          </td>
          <td style="width: 4.1%; vertical-align: top;">&#160;</td>
          <td style="width: 35.9%; vertical-align: top;">
            <div style="text-align: center;"><u>04-3510455</u></div>
          </td>
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          <td style="width: 34.96%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 8pt;">(State or Other Jurisdiction)</div>
            <div style="text-align: center; font-size: 8pt;">of Incorporation)</div>
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          <td style="width: 5.03%; vertical-align: bottom;">&#160;</td>
          <td style="width: 20%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 8pt;">(Commission File No.)</div>
          </td>
          <td style="width: 4.1%; vertical-align: bottom;">&#160;</td>
          <td style="width: 35.9%; vertical-align: bottom;">
            <div style="text-align: center; font-size: 8pt;">(I.R.S. Employer</div>
            <div style="text-align: center; font-size: 8pt;">Identification No.)</div>
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            <div><u>60 State Street, Boston, Massachusetts</u></div>
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          <td style="width: 7.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 33.33%; vertical-align: bottom;">
            <div><u>02109</u></div>
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          <td style="width: 59.4%; vertical-align: bottom;">
            <div style="font-size: 8pt;">(Address of Principal Executive Offices)</div>
          </td>
          <td style="width: 7.27%; vertical-align: bottom;">&#160;</td>
          <td style="width: 33.33%; vertical-align: bottom;">
            <div style="font-size: 8pt;">(Zip Code)</div>
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    </div>
    <div>Registrant&#8217;s telephone number, including area code: <u>(800) 773-5601 ext.
          133773</u></div>
    <div><br>
    </div>
    <div style="text-align: center;"><u>Not Applicable</u></div>
    <div style="text-align: center; font-size: 8pt;">(Former Name or Former Address, if Changed Since Last Report)</div>
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            <div style="text-align: justify;">Securities registered pursuant to Section 12(b) of the Act:</div>
            <div>&#160;</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Title of each class</div>
          </td>
          <td style="width: 23.5%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Trading symbol(s)</div>
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          <td style="width: 45.3%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Name of each exchange on which registered</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Common stock, par value $0.01 per share</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">BHLB</div>
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            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">New York Stock Exchange</div>
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    <div style="text-align: justify;">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):</div>
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              <td style="width: 27pt; vertical-align: top; align: right;">[&#160; ]</td>
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                <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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              <td style="width: 27pt; vertical-align: top; align: right;">[&#160; ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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              <td style="width: 27pt; vertical-align: top; align: right;">[&#160; ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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              <td style="width: 27pt; vertical-align: top; align: right;">[&#160; ]</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">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 &#167;230.405) or Rule
      12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Emerging growth company [&#160; ]</div>
    <div><br>
    </div>
    <div style="text-align: justify;">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. [&#160; ]</div>
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    <div style="margin-bottom: 12pt;"><font style="font-size: 12pt; font-weight: bold;">Item 7.01</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt">&#160;</font><font style="font-weight: bold; font-size: 12pt;"><u>Regulation FD Disclosure.</u></font></div>
    <div style="text-indent: 36pt; font-size: 12pt;">In a report filed with the SEC on Form 8-K on September 20, 2019, Berkshire Hills Bancorp Inc. (the &#8220;Company&#8221;) disclosed that its
      subsidiary,&#160;Berkshire Bank (the &#8220;Bank&#8221;),&#160;owned an interest with an approximate balance of $16 million in a loan relationship which was determined to be in default due to potentially fraudulent activity by the borrower and related interests.&#160; The
      Company disclosed that it expected that the Company&#8217;s third quarter 2019 net income and net income per share would be adversely affected.&#160; The Company has determined to charge-off the full balance of this loan as of September 30, 2019.&#160; On an
      after-tax basis, this resulted in a charge to third quarter net income of approximately $12 million, or approximately $0.23 per share.&#160; The Company has no other lending or deposit exposures to this borrower. <font style="font-weight: bold;">&#160;</font>The Company is scheduled to release its complete results for the third quarter after the close of business on October 28, 2019 and to host a conference call discussing its
      results at 10:00 a.m. on Tuesday, October 29, 2019.</div>
    <div style="text-indent: 36pt; font-size: 12pt;"> <br>
    </div>
    <div style="text-indent: 36pt; font-size: 12pt;"> <font style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The information contained in this Form 8-K provided under Item 7.01 is being furnished and shall not be deemed to be &#8220;filed&#8221; for purposes of
        Section 18 of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of the Company under the Securities Act of 1933 (the
        &#8220;Securities Act&#8221;) or the Exchange Act, unless expressly incorporated by specific reference in such filing.</font></div>
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    <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-size: 12pt;">Forward-Looking Statements</font>
    <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; margin-top: 12pt; margin-bottom: 12pt;">This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, and the Private Securities Litigation Reform Act of 1995.&#160; The Company
        intends its forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in this document.&#160; All statements regarding the Company&#8217;s expected financial position and operating results are forward-looking
        statements.&#160; These statements can sometimes be identified by the Company&#8217;s use of forward-looking words such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; or &#8220;intend.&#8221;&#160; The Company cannot promise that its expectations in such
        forward-looking statements will turn out to be correct.&#160; The Company&#8217;s actual results could be materially different from expectations because of various factors.&#160; Information concerning these and other factors can be found in the Company&#8217;s periodic
        filings with the Securities and Exchange Commission (&#8220;SEC&#8221;), including the Annual Report on Form 10-K for the Year Ended December 31, 2018, and subsequent filings on Form 10-Q.&#160; These filings are available publicly on the SEC&#8217;s website at
        http://www.sec.gov, on the Company&#8217;s website at http://www.berkshirebank.com&#160;or upon request from the Corporate Secretary.&#160; Except as otherwise required by law, the Company undertakes no obligation to publicly update or revise its forward-looking
        statements, whether as a result of new information, future events, or otherwise.</div>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">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.</div>
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          <td style="width: 41.22%; vertical-align: top;">&#160;</td>
          <td style="width: 5.88%; vertical-align: top;">&#160;</td>
          <td style="width: 52.9%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt; font-weight: bold;">BERKSHIRE HILLS BANCORP, INC.</div>
            <div>&#160;</div>
            <div>&#160;</div>
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            <div style="text-align: justify; font-size: 12pt;">DATE: October 21, 2019</div>
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          <td style="width: 5.88%; vertical-align: top;">
            <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">By:&#160;&#160; <br>
            </div>
          </td>
          <td style="width: 52.9%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">&#160;<u>/s/ Richard M. Marotta</u></div>
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          <td style="width: 41.22%; vertical-align: top;">&#160;</td>
          <td style="width: 5.88%; vertical-align: top;">&#160;</td>
          <td style="width: 52.9%; vertical-align: top;">
            <div style="text-align: justify; font-size: 12pt;">Richard M. Marotta</div>
          </td>
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          <td style="width: 41.22%; vertical-align: top;">&#160;</td>
          <td style="width: 5.88%; vertical-align: top;">&#160;</td>
          <td style="width: 52.9%; vertical-align: top;">
            <div style="font-size: 12pt;">President and Chief Executive Officer</div>
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