Berkshire Hills Bancorp, Inc. Prices Stock Offering

PITTSFIELD, Mass., Oct. 8, 2008 (GLOBE NEWSWIRE) -- Berkshire Hills Bancorp, Inc. (Nasdaq:BHLB) announced today that it has entered into an underwriting agreement for the sale of 1,500,000 shares of common stock at a price of $24 per share for gross proceeds of $36 million, exclusive of the underwriters' over-allotment option. The net proceeds of the offering after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $33.5 million. Sandler O'Neill + Partners, L.P. acted as lead book-running manager and Keefe, Bruyette & Woods, Inc. was a co-manager for the offering. The underwriters have been granted an option to purchase up to an additional 225,000 shares to cover over-allotments. Berkshire's President and Chief Executive Officer Michael P. Daly stated, "We are... [read full story]