Berkshire Hills to raise $30M in offering - The Business Review (Albany):

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According to a filing with the U.S. Securities and Exchange Pittsfield, Mass.-based parent of expect to sell 1.24 million shares of common stock (Nasdaq: at about $24 a The shares are coveredx by a shelf registration filed in 2006 to allow the companu to raise capitalas needed. Michael Daly, presiden t and CEO of Berkshire, said the bank is lookingh for growth in many of its key business linessand “we believe that it is timely to increasee our capital base to take advantages of future opportunities that may develop in the curren environment.
” Daly said the companyh will to use the offering proceeds for general corporate purposex which may include support for organic growtn and “opportunistic acquisition-based growth.” Berkshire already has announced one that of (OTB: of Worcester, Mass. , L.P. is acting as lead manager for thestocjk offering, with as co-manager. Both firmd are based in New York City. Berkshire also has appliedr for regulatory approval to repurchasethe $40 million in preferredx stock and warrants it issuee to the U.S.
Department of Treasury in connection withthe government’s Capital Purchase If the application is approved, Berkshire expectws to repurchase the preferred stock with cash on hand, and to ente r into negotiations with the Treasury to repurchased the related warrants for common Berkshire Bank has its New York state headquarter s in Albany, and nine area