Berkshire Hills Bancorp Files 8-K on Equity Sales
Ticker: BBT · Form: 8-K · Filed: Dec 23, 2024 · CIK: 1108134
| Field | Detail |
|---|---|
| Company | Berkshire Hills Bancorp INC (BBT) |
| Form Type | 8-K |
| Filed Date | Dec 23, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $100 million, $29.00, $1.1 b, $12.68 |
| Sentiment | neutral |
Sentiment: neutral
Topics: equity-sale, financials, disclosure
Related Tickers: BHLB
TL;DR
Berkshire Hills Bancorp (BHLB) filed an 8-K detailing equity sales and financials as of Dec 19.
AI Summary
Berkshire Hills Bancorp, Inc. filed an 8-K on December 23, 2024, reporting on unregistered sales of equity securities and financial statements as of December 19, 2024. The filing details the company's operations as a savings institution chartered in Delaware, with its principal executive offices located at 60 State Street, Boston, MA.
Why It Matters
This filing provides crucial information regarding equity transactions and financial updates for Berkshire Hills Bancorp, impacting investor understanding of the company's financial health and corporate actions.
Risk Assessment
Risk Level: low — The filing is a routine disclosure of corporate actions and financial information, not indicating immediate operational or financial distress.
Key Players & Entities
- BERKSHIRE HILLS BANCORP INC (company) — Registrant
- 0000943374-24-000502 (filing_id) — Accession Number
- December 19, 2024 (date) — Date of earliest event reported
- December 23, 2024 (date) — Filing Date
- 60 State Street, Boston, MA 02109 (address) — Principal Executive Offices
FAQ
What specific type of unregistered equity securities were sold by Berkshire Hills Bancorp?
The filing indicates 'Unregistered Sales of Equity Securities' as an item of information, but the specific details of the securities sold are not provided in this excerpt.
What is the primary business of Berkshire Hills Bancorp?
Berkshire Hills Bancorp is a savings institution, not federally chartered, as indicated by its Standard Industrial Classification code [6036].
When was the earliest event reported in this 8-K filing?
The earliest event reported is dated December 19, 2024.
Where are Berkshire Hills Bancorp's principal executive offices located?
The principal executive offices are located at 60 State Street, Boston, Massachusetts 02109.
What is the SEC File Number for Berkshire Hills Bancorp?
The SEC File Number for Berkshire Hills Bancorp is 001-15781.
Filing Stats: 682 words · 3 min read · ~2 pages · Grade level 10.2 · Accepted 2024-12-23 16:18:47
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share BHLB The New York Stock E
- $100 million — e previously disclosed proposed sale of $100 million in common stock issued at $29.00 per sh
- $29.00 — $100 million in common stock issued at $29.00 per share and consisting of 3,448,275 s
- $1.1 b — ock transaction valued at approximately $1.1 billion, or $12.68 per share, based on th
- $12.68 — alued at approximately $1.1 billion, or $12.68 per share, based on the $30.20 closing
- $30.20 — lion, or $12.68 per share, based on the $30.20 closing price of Berkshire common stock
Filing Documents
- form8k_121924.htm (8-K) — 34KB
- 0000943374-24-000502.txt ( ) — 165KB
- bhlb-20241219.xsd (EX-101.SCH) — 4KB
- bhlb-20241219_lab.xml (EX-101.LAB) — 21KB
- bhlb-20241219_pre.xml (EX-101.PRE) — 16KB
- form8k_121924_htm.xml (XML) — 4KB
02
Item 3.02 Unregistered Sales of Equity Securities On December 19, 2024, Berkshire Hills Bancorp, Inc., ("Berkshire" or "the Company"), completed the previously disclosed proposed sale of $100 million in common stock issued at $29.00 per share and consisting of 3,448,275 shares. This sale was made pursuant to subscription agreements entered into in a private placement with several institutional "accredited investors" on December 16, 2024. The capital placement was priced at a 3.97% discount to the market price of Berkshire common stock at closing on December 13, 2024. The capital raise was conducted in conjunction with the Company's entry on December 16, 2024 into a definitive merger agreement with Brookline Bancorp, Inc. ("Brookline") pursuant to which Brookline will merge with and into Berkshire in an all-stock transaction valued at approximately $1.1 billion, or $12.68 per share, based on the $30.20 closing price of Berkshire common stock on December 13, 2024. The offering and sale of the Shares pursuant to the Securities Purchase Agreement was exempt under the Securities Act of 1933, as amended (the "Securities Act"), by virtue of the exemption afforded by Section 4(2) and Rule 506 of Regulation D promulgated under the Securities Act and corresponding provisions of state securities or "blue sky" laws.
Financial Statements and Exhibits
Financial Statements and Exhibits Number Description 10.1 Form of Securities Purchase Agreement, dated December 16, 2024, by and among Berkshire Hills Bancorp, Inc., and the other parties identified therein (Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 16, 2024). 10.2 Form of Registration Rights Agreement, dated December 16, 2024, by and among Berkshire Hills Bancorp, Inc., and the other parties identified therein (Incorporated by reference to Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 16, 2024). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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: December 23, 2024 By: /s/ Wm. Gordon Prescott Wm. Gordon Prescott Senior Executive Vice President and General Counsel