| Business Summary | | Berkshire
Hills
Bancorp,
Inc.
is
the
holding
company
for
its
wholly
owned
subsidiary,
Berkshire
Bank
(the
Bank).
The
Company
neither
owns
nor
leases
any
property,
but
instead
uses
the
premises,
equipment
and
furniture
of
Berkshire
Bank.
Berkshire
Bank
is
a
community
bank
that
accepts
retail
deposits
from
the
general
public
in
the
areas
surrounding
its
11
full-service
banking
offices
located
in
Berkshire
County,
Massachusetts.
Berkshire
Bank
also
offers
savings
bank
life
insurance,
and
intends
to
expand
the
offering
of
insurance
products
to
its
customers
through
the
establishment
of
an
insurance
agency.
On
February
24,
2000,
Berkshire
Bank
entered
into
an
agreement
with
a
third-party
vendor
for
consulting
and
management
services
with
respect
to
the
offering
of
insurance
services.
In
March
2001,
the
Company
opened
Gold
Leaf
Investment
Services,
Inc.,
a
wholly
owned
subsidiary
of
Berkshire
Bank,
as
part
of
a
move
to
expand
the
scope
of
its
financial
products
and
services. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Berkshire
Hills
Bancorp.
is
a
holding
company
formed
to
acquire
Berkshire
Bank
and
to
convert
Berkshire
Bancorp,
the
mutual
holding
company
of
the
Bank,
from
mutual
to
stock
form
of
organization.
For
the
six
months
ended
6/30/01,
interest
income
rose
17%
to
$38.4
million.
Interest
income
after
loan
loss
prov.
rose
21%
to
$18.9
million.
Net
income
totaled
$4.6
million
vs.
a
loss
of
$374
thousand.
Results
reflect
increased
RE
and
commercial
loan
activity
and
higher
net
interest
margin. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Robert Wells, 61 Chairman | $406K | James Cunningham, Jr., 50 Pres,
CEO, Director | 483K | Charles Plungis, Jr., 49 CFO,
Sr. VP, Treasurer | 204K | Michael Daly, 39 Exec.
VP and Sr. Loan Officer | 190K | Susan Santora, 47 Exec.
VP | 176K | Dollar
amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|