UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 17, 2023

BERKSHIRE HILLS BANCORP, INC.
(Exact Name of Registrant as Specified in its Charter)

Delaware
  
001-15781
  
04-3510455
(State or Other Jurisdiction)
of Incorporation)
  
(Commission File No.)
  
(I.R.S. Employer
Identification No.)

60 State Street, Boston, Massachusetts
   02109
(Address of Principal Executive Offices)
  
(Zip Code)

Registrant’s telephone number, including area code: (800) 773-5601, ext. 133773

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
BHLB
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01
Other Events

On January 17, 2023, Berkshire Hills Bancorp, Inc., the parent company of Berkshire Bank, announced the hiring of James Brown as Senior Executive Vice President, Head of Commercial Banking, and Philip Jurgeleit, Executive Vice President, Chief Credit Officer.

The full text of the news release is attached as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. There are many factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire Hills Bancorp, Inc.’s most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC’s website at www.sec.gov. Accordingly, you should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire Hills Bancorp, Inc. does not undertake any obligation to update forward-looking statements.


Item 9.01
Financial Statements and Exhibits


(a)
Financial Statements of Businesses Acquired.  Not applicable.

(b)
Pro Forma Financial Information.  Not applicable.

(c)
Shell Company Transactions.  Not applicable.

(d)
Exhibits.

Exhibit No. Description



 99.1 News Release dated January 17, 2023


104
Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: January 17, 2023
By:
/s/ Wm. Gordon Prescott
   
Wm. Gordon Prescott
Executive Vice President and
General Counsel


Berkshire Hills Bancorp Names New Executives

James “Jim” Brown Named Senior Executive Vice President, Head of Commercial Banking
Philip Jurgeleit Named Executive Vice President, Chief Credit Officer


BOSTON – January 17, 2023 – Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, a leading socially responsible community bank with financial centers located in New England and New York, today announced that James “Jim” Brown  and Philip Jurgeleit, two experienced commercial banking and credit executives have joined Berkshire in executive management roles. Mr. Brown joins Berkshire as SEVP, Head of Commercial Banking and Mr. Jurgeleit as EVP, Chief Credit Officer.

“We’re pleased to welcome both Mr. Brown and Mr. Jurgeleit to Berkshire in their respective executive leadership roles. Their extensive backgrounds in commercial banking and credit risk will bring valuable perspectives to our strong commercial banking and credit teams, support Berkshire’s Exciting Strategic Transformation (BEST) program and continue to accelerate the progress we’ve made in our performance, customer experience and purpose,” stated Berkshire CEO Nitin Mhatre. “These hires further enhance our existing, talented leadership team, and highlight how Berkshire Bank continues to attract high-quality financial services leaders to accelerate our journey towards becoming a high-performing, leading socially responsible community bank,” added Mhatre.

As SEVP, Head of Commercial Banking, Mr. Brown will oversee all aspects of Berkshire’s commercial banking operations. He will report directly to CEO Nitin Mhatre and replace George Bacigalupo. Mr. Bacigalupo transitioned to the position of Director - Commercial/Enterprise Sales Management effective January 1, 2023 through December 2023 at which time he will retire from his position at the Company and the Bank.

As EVP, Chief Credit Officer, Mr. Jurgeleit will oversee all aspects of the company's credit underwriting, policy, and approval processes. He will report directly to SEVP, Chief Risk Officer, Greg Lindenmuth and replace recently retired Chief Credit Officer Georgia Melas.
       
                                                                            James “Jim” Brown                                      Philip Jurgeleit

CEO Mhatre added, “In addition to welcoming Mr. Brown and Mr. Jurgeleit to their respective roles, I want to thank George and Georgia for their years of dedicated service to Berkshire, our customers and communities.”

“I’m excited to join the Berkshire organization and work alongside every employee in every location across the footprint to support the growth and success of our clients, employees, shareholders, and communities,” stated Mr. Brown. “The Company has a best-in-class commercial banking franchise and a strong team which I look forward to working together with, to take Berkshire to even greater heights,” added Brown.

EVP Jurgeleit stated, “I’m proud to step into this leadership role at an organization with more than a 176-year history of helping its customers and communities through all economic environments. Berkshire has a strong credit risk management practice with many experienced team members and a supportive culture. I look forward to continuing to find ways to support the credit needs of our borrowers and communities while maintaining disciplined credit decisioning.”

About James “Jim” Brown
Mr. Brown is a high-performing commercial and private banking executive who brings over 30 years of experience to Berkshire. He spent more than 20 years at Boston Private Bank & Trust Company in multiple senior executive roles including Co-President, EVP, Head of Commercial Banking and Credit Administration, and Chief Lending Officer. During his time at Boston Private the Company grew from $500 million in assets to over $10 billion. Mr. Brown remained at the Bank through its acquisition by Silicon Valley Bank as Head of Specialty Commercial within the Private Bank until late 2021. He holds a masters from Boston College and a bachelors from Nichols College. Mr. Brown resides in Sudbury, Massachusetts with his family and serves on the board of trustees at Nichols College.

About Philip Jurgeleit
Mr. Jurgeleit brings more than 30 years of credit and commercial banking expertise to Berkshire, most recently serving as SVP and Senior Director of Credit Risk at Santander Bank where he was responsible for all aspects of credit risk management including credit approval, asset quality, underwriting guidelines, and credit policies for the Middle Market, Mid-Corporate, Asset Based Lending, and Healthcare/Not-for-Profit business units. Prior to serving in that capacity, Mr. Jurgeleit held senior leadership roles at Citizens Bank, Webster Bank and Bank of America. He holds an MBA from the University of Massachusetts and a bachelor’s degree from Bowdoin College. Mr. Jurgeleit resides in Barrington, Rhode Island and serves on the board of The Business Development Company of Rhode Island in Providence, Rhode Island.

ABOUT BERKSHIRE HILLS BANCORP
Headquartered in Boston, Berkshire Hills Bancorp (NYSE:BHLB) is the parent of Berkshire Bank. Founded in 1846, the Bank's vision is to be a high-performing leading socially responsible community bank. It empowers the financial potential of its stakeholders by making banking available where, when, and how it's needed through an uncompromising focus on exceptional customer service, digital banking, and positive community impact. Providing a wide range of financial solutions through its consumer banking, commercial banking and wealth management divisions, the Bank has approximately $11.3 billion in assets and a community-based footprint of 100 financial centers in Massachusetts, New York, Vermont, Connecticut, and Rhode Island. Named one of America’s Most Trusted Companies 2022 by Newsweek, Berkshire is also listed in the Bloomberg Gender-Equality Index and a Best Place to Work for LGBTQ+ Equality. To learn more, follow us on Facebook, Twitter, Instagram, and LinkedIn.

Investor Relations Contacts
Kevin Conn, SVP, Investor Relations & Corporate Development
Email: KAConn@berkshirebank.com 
Tel: (617) 641-9206

David Gonci, Capital Markets Director
Email: dgonci@berkshirebank.com
Tel: (413) 281-1973

Media Contact:
Gary Levante, SVP, Corporate Responsibility & Communications
Email: glevante@berkshirebank.com
Tel: (413) 447-1737