-
Offers new commercial financing solutions
-
Group to be based in Greater Boston
PITTSFIELD, Mass.--(BUSINESS WIRE)--
Berkshire Hills Bancorp (BHLB) has recruited an experienced asset based
lending group to serve middle market companies in New England and
northeastern New York. This new lending group is part of the Commercial
Banking Team at Berkshire Bank, America's Most Exciting BankSM.
The Bank has appointed Paul F. Flynn, Jr. as Senior Vice President and
Manager of Asset Based Lending. The Bank has also appointed Mark Foster
as Senior Vice President and Jim Hickson as Vice President of Asset
Based Lending. Collectively these individuals have 65 years experience
in providing asset based and commercial lending solutions to the region.
This team has been working together since 2002 under Mr. Flynn's
direction as the Asset Based Lending Department Manager at TD Bank, N.A,
formerly known as Banknorth. Mr. Flynn will report to Michael J.
Oleksak, Executive Vice President of Commercial Banking at Berkshire
Bank.
Berkshire's President and CEO, Michael P. Daly, stated, "Our expansion
into asset based lending positions us to provide more financing
solutions to our commercial customers in these challenging times, and to
reach new customers in the region. We have steadily expanded our
commercial team in recent quarters by recruiting strong and experienced
regional leaders in northeastern New York, western Massachusetts, and
southern Vermont. Berkshire Bank is strongly capitalized and well
positioned to be a regional provider for the loan and deposit needs of
our markets. While other lenders have cut back on lending, our business
loans are currently growing at a double digit annualized rate and
business deposits are growing at an even faster rate. Paul Flynn and his
associates have a long track record of delivering disciplined solutions
to the market that will result in sound and profitable relationships for
the Bank."
Berkshire's Executive Vice President, Michael J. Oleksak, added, "I have
worked with Messrs. Flynn, Foster, and Hickson in the past and know
first hand their ability to provide responsible asset based lending
solutions to area businesses. Their headquarters will be located in
Greater Boston, which is the area they have operated from for many
years; Mr. Hickson will be based in our new Springfield regional
headquarters. The group will integrate with the rest of our commercial
banking team to provide asset based lending solutions and commercial
banking services across our multi-state markets. Their primary product
offering will be working capital lines of credit secured by a closely
monitored borrowing base of receivables and inventories."
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, investment, and wealth management services
through 46 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.
FORWARD LOOKING STATEMENTS
Statements in this news release regarding Berkshire Hills Bancorp that
are not historical facts are "forward-looking statements." These
statements reflect management's views of future events, and involve
risks and uncertainties. For a discussion of factors that could cause
actual results to differ materially from expectations, see "Forward
Looking Statements" in the Company's 2008 Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q, which are available at the Securities
and Exchange Commission's Internet website (www.sec.gov)
and to which reference is hereby made. Actual future results may differ
significantly from results discussed in these forward-looking
statements, and undue reliance should not be placed on such statements.
Except as required by law, the Company assumes no obligation to update
any forward-looking statements.
Source: Berkshire Hills Bancorp
Contact: Berkshire Hills Bancorp
Investor Relations Contact
David H. Gonci, 413-281-1973
Capital Markets Officer
or
Media Contact
Fedelina Madrid, 413-236-3733
Vice President - Marketing