Berkshire Hills and Legacy Shareholders Approve Merger - Berkshire Hills Bancorp (NYSE:BHLB)

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Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB) and Legacy Bancorp, Inc. (NASDAQ: LEGC) today held shareholder meetings and each company won shareholder approval of the plan for Berkshire to acquire Legacy and its subsidiary, Legacy Banks. The definitive merger agreement was entered into by the companies on December 21, 2010. Under the terms of the merger agreement, each outstanding share of Legacy common stock will be exchanged for 0.56385 Berkshire common shares plus $1.30 in cash. Berkshire expects to issue approximately 4.4 million shares in conjunction with this merger, bringing its total shares outstanding to approximately 21.1 million and its total market capitalization to approximately $450 million based on Berkshire's recent stock price.

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