Berkshire Hills Bancorp (NASDAQ:BHLB) has announced that it will begin taking aggressive strategic actions during its fourth quarter in an effort to boost growth and earnings for 2010. Among the aggressive actions taken, the company will begin a strategic loan initiative to analyze, restructure, and resolve risks in the commercial portfolio resulting from the impact of the recession in its markets. The company has also enhanced its leadership through the appointments of Richard Marotta as EVP/Chief Risk Officer, and Robert Curley as a Director and New York Chairman.
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Berkshire reported a total net income of $8 million, or $0.32 per share, for the first nine months of 2009. With loan charges included, the company’s fourth quarter results revealed a net loss of $24 million, or $1.75 per share. Full year results were shown at a loss of $16 million, or $1.52 per share after preferred stock dividends.
Berkshire Hills Bancorp, Inc. (Berkshire Hills) is the holding company for Berkshire Bank (the Bank). The Bank is headquartered in Pittsfield, Massachusetts, and operates 39 full-service banking offices serving communities throughout Western Massachusetts, Northeastern New York and in Southern Vermont. The Bank operates in four regions: The Berkshire County Region, with 12 offices in Berkshire County, the Pioneer Valley region with 10 offices along the Connecticut River valley north and west of Springfield in Massachusetts, the New York region with 10 offices serving Albany and the surrounding area in Northeastern New York, and the Vermont region with seven offices serving Southern Vermont. The Company has two operating segments: Banking and Insurance, which are delineated by the consolidated subsidiaries of Berkshire Hills. Banking includes the activities of Berkshire Bank and its subsidiaries, which provide commercial and consumer banking services.
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