All Proposals Approved by Stockholders
Lawrence Bossidy Re-Elected Chairman; Michael Daly Re-Appointed CEO
PITTSFIELD, Mass.--(BUSINESS WIRE)--
Berkshire Hills Bancorp (BHLB) held its annual meeting of stockholders
today in Pittsfield, Massachusetts.
President and CEO Michael Daly reported on Berkshire’s recent
accomplishments and outlook. He commented on the Company’s strategic
initiatives and their impact on 2009 results. With the full support of
the Board of Directors, management proactively took steps in 2009 to
strategically prepare the Company for future profitable growth in 2010
and beyond.
Mr. Daly reviewed the Company’s current earnings per share guidance of
$0.85 – $0.95 for 2010, and noted that first quarter results were ahead
of expectations. He commented on Berkshire’s high priority goal to
return to and then exceed the $2.00 record EPS level that was achieved
in 2008. He noted Berkshire’s long term investment strengths, including:
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Strong capital and liquidity, with solid asset quality
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Positioned for strong revenue growth as the economy recovers and
interest rates increase
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Talented and focused management team
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New business lines will add to earnings
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Strong market position in attractive markets
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Valued partner for regional consolidation
Stockholders approved all proposals which were presented at the meeting.
These were:
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The election of the following three existing directors to new three
year terms: John B. Davies; Rodney C. Dimock; and David E. Phelps
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The ratification of the appointment of Wolf & Company, P.C. as the
independent registered public accounting firm for fiscal year 2010
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Approval of a non-binding proposal to give advisory approval of the
Company’s executive compensation programs and policies
Berkshire voluntarily added the “say-on-pay” item to its meeting agenda
to allow for stockholder input on this matter. The Company’s proxy
statement explained executive compensation in 2009. Compensation to
named executives was reduced by 27% due to the forfeiture of incentive
compensation in light of the recession’s impacts on 2009 results.
At a Board meeting following the stockholder meeting, the Board
unanimously re-elected Lawrence A. Bossidy as Non-Executive Chairman of
the Board, and Michael P. Daly was re-appointed as President and Chief
Executive Officer.
BACKGROUND
Berkshire Hills Bancorp is the parent of Berkshire Bank — America’s Most
Exciting BankSM – the largest locally headquartered regional
bank. The Company has $2.7 billion in assets and provides services
through 45 offices in Massachusetts, New York, and Vermont. 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 2009 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
Investor Relations Officer
or
Media
Contact
Fedelina Madrid, 413-236-3733
Vice President,
Senior Marketing Officer