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Berkshire Hills Bancorp, Inc.
BHLB today announces the cash/stock election results for its
acquisition of Beacon Federal Bancorp on October 19, 2012.
Berkshire CEO Michael Daly stated, "We are pleased with the strong demand for
our stock demonstrated in this election. Nearly 90% of those who voted chose
Berkshire stock for their consideration. Our stock closed at $23.70
yesterday, which was up by 9% from the $21.82 closing price on the date of our
merger agreement. We are issuing approximately 2.7 million new Berkshire
shares to former Beacon shareholders. With this merger consideration, we now
have nearly 25 million shares outstanding, with a current market
capitalization near $600 million. This increase is expected to improve the
liquidity and visibility of our stock. We welcome our new shareholders from
Beacon, who will be eligible for the $0.18/share dividend that we just
declared, and which has been increased by 6% beginning with the upcoming
payment. We will be celebrating this growth when we ring the opening bell of
the New York Stock Exchange on November 29 subsequent to the transfer of our
stock listing to that exchange in November."
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