The parent company of Berkshire Bank, Berkshire Hills Bancorp, Inc (NYSE: BHLB), held its annual meeting of shareholders Thursday in Pittsfield, Massachusetts.
Chairman, President and CEO Michael P. Daly summarized Berkshire's accomplishments in 2012. They included strong organic growth and team recruitment, along with the acquisitions of CBT and Beacon Federal. The year's initiatives produced improved profitability and resulted in a 29% increase in core earnings per share. Berkshire's 2012 stock returns exceeded 10%, and the quarterly cash dividend was increased by 6%, providing a yield of over 3%. Mr. Daly concluded with a summary of the encouraging prospects for Berkshire's further growth and development.
Shareholders approved all proposals which were presented at the meeting. These included:
The election of three existing directors to new three year terms: John B. Davies; Rodney C. Dimock; and J. Williar Dunlaevy; as well as the election of one new director to a three year term: Laurie Norton Moffatt
Approval of the Berkshire Hills Bancorp, Inc. 2013 Equity Incentive Plan
Approval of a non-binding proposal to give advisory approval of the Company's executive compensation
Ratification of the selection of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for fiscal year 2013
BACKGROUND
Berkshire Hills Bancorp is the parent of Berkshire Bank America's Most Exciting Bank®. The Company has approximately $5.2 billion in assets and 73 full service branch offices in Massachusetts, New York, Connecticut, and Vermont providing personal and business banking, insurance, and wealth management services.
PITTSFIELD, Mass., May 9, 2013 /PRNewswire/ -- Berkshire Hills Bancorp, Inc