Pittsfield-based Berkshire Hills Bancorp, parent company of Berkshire Bank, has begun a public offering of approximately $30 million of its common stock.
The company said this "is a drawdown under the company’s effective SEC shelf registration that it filed in 2006 to facilitate stock issuances for growth opportunities."
"We are pursuing growth opportunities in many of our key business lines, as we announced in our earnings release last week," said Berkshire’s President and Chief Executive Officer Michael P. Daly. "Our first quarter results were solid and we believe that it is timely to increase our capital base to take advantage of future opportunities that may develop in the current environment."
The company has also granted the underwriters of the offering a 30-day option to purchase up to an additional 15 percent of the shares sold to cover over-allotments, if any.
Sandler O’Neill + Partners LP is acting as lead book-running manager and Keefe, Bruyette & Woods is co-manager for the offering.
