Berkshire Hills Bancorp Announces Board and Compensation Changes
Ticker: BBT · Form: 8-K · Filed: May 14, 2024 · CIK: 1108134
| Field | Detail |
|---|---|
| Company | Berkshire Hills Bancorp INC (BBT) |
| Form Type | 8-K |
| Filed Date | May 14, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $325,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, executive-compensation, board-changes
Related Tickers: BHB
TL;DR
BHB board shakeup and exec pay changes filed today.
AI Summary
Berkshire Hills Bancorp, Inc. announced on May 14, 2024, changes related to its board of directors and executive compensation. The filing details the departure of a director, the election of a new director, and updates to compensatory arrangements for certain officers. Specific names of individuals involved and dollar amounts related to compensation are not detailed in this summary section of the filing.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing reports routine corporate governance changes and does not indicate any significant financial distress or operational issues.
Key Players & Entities
- BERKSHIRE HILLS BANCORP, INC. (company) — Registrant
- May 14, 2024 (date) — Date of Report
FAQ
What specific changes were made to the board of directors?
The filing indicates the departure of a director and the election of a new director, though their names are not explicitly stated in the provided text.
Are there any details on the new compensatory arrangements for officers?
The filing mentions updates to 'Compensatory Arrangements of Certain Officers' but does not provide specific details or dollar amounts in the excerpt.
What is the company's principal executive office address?
The principal executive offices are located at 60 State Street, Boston, Massachusetts 02109.
What is the company's state of incorporation?
The company is incorporated in Delaware.
What is the SIC code for Berkshire Hills Bancorp?
The Standard Industrial Classification code is 6036, for Savings Institutions, Not Federally Chartered.
Filing Stats: 788 words · 3 min read · ~3 pages · Grade level 9.9 · Accepted 2024-05-14 17:10:17
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share BHLB The New York Stock E
- $325,000 — r. Brbovic's annual base salary will be $325,000 and he will participate in the Berkshir
Filing Documents
- form8k_051424.htm (8-K) — 30KB
- ex99-1_8k051424.htm (EX-99.1) — 8KB
- image0.jpg (GRAPHIC) — 16KB
- image1.jpg (GRAPHIC) — 155KB
- 0000943374-24-000177.txt ( ) — 411KB
- bhlb-20240514.xsd (EX-101.SCH) — 4KB
- bhlb-20240514_lab.xml (EX-101.LAB) — 22KB
- bhlb-20240514_pre.xml (EX-101.PRE) — 16KB
- form8k_051424_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Berkshire Hills Bancorp, Inc. (the "Company") and Berkshire Bank (the "Bank") announced today that R. David Rosato, Chief Financial Officer of the Company and the Bank, has decided to step down to pursue other interests. Mr. Rosato will remain with the company through June 14, 2024, as the Company transitions his responsibilities to Brett Brbovic. The Company and Berkshire Bank have appointed Brett Brbovic, age 43, as Executive Vice President and Chief Financial Officer, effective June 14, 2024. Mr. Brbovic will also continue to serve as the Company's Chief Accounting Officer. Mr. Brbovic joined the Company from KPMG LLP in 2012 and has served as Chief Accounting Officer since 2015. He has previously served as Interim Chief Financial Officer, from October 7, 2022, to February 6, 2023. There are no transactions requiring disclosure pursuant to Item 404 of Regulation S-K. In his new role as CFO, Mr. Brbovic's annual base salary will be $325,000 and he will participate in the Berkshire Bank Enhanced Change in Control Severance Plan, which provides that upon an involuntary termination for a reason other than for cause, death or disability, or upon a voluntary termination for good reason in connection with or following a change in control of the Company or the Bank, the executive would be entitled to: (i) a cash severance payment equal to one times base salary and cash incentive, plus the annual cash incentive pro-rated through the date of termination, and (ii) life insurance, non-taxable medical and dental coverage substantially identical to the coverage maintained for the executive prior to termination of employment for 24 months following termination of employment, with the executive paying his share of the premiums. Severance payments will be reduced to avoid liability under Section 280G of the Internal Reve
.01 Financial Statements and Exhibits
Item 9 .01 Financial Statements and Exhibits (a)
Financial Statements of Businesses Acquired. Not applicable
Financial Statements of Businesses Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Shell Company Transactions. Not applicable. (d) Exhibits. None. Exhibit No. Description 99.1 Press release issued by the Company on May 14, 2024 104.1 Cover Page for this Current Report on Form 8-K, formatted in Inline XBRL
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Berkshire Hills Bancorp, Inc. DATE: May 14, 2024 By: /s/ Nitin J. Mhatre Nitin J. Mhatre, President and CEO