PITTSFIELD, Mass.--(BUSINESS WIRE)--
Berkshire Hills Bancorp (BHLB) has entered into an agreement with CNB
Financial Corp. to terminate the definitive merger agreement previously
entered into on April 29, 2009. A termination fee payment of $970
thousand has been made to Berkshire.
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 2008 and
repaid in May 2009. Berkshire paid $1.04 million to the Treasury to
repurchase the warrant.
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.
Source: Berkshire Hills Bancorp
Contact: Berkshire Hills Bancorp
David H. Gonci, 413-281-1973
Corporate Finance Officer