Berkshire Hills Bancorp, Inc. Announces The Completion Of Its Fourth 5% Stock Repurchase Program And The Approval Of A Fifth 5% Stock Repurchase Program.Business Editors PITTSFIELD, Mass.--(BUSINESS WIRE)--May 1, 2002 Berkshire Hills Berkshire Hills (bûrk`shər, –shĭr), mountainous region of wooded hills with many small lakes and streams, W Mass. The Berkshires are a southern extension of the Green Mts. Bancorp, Inc. (the "Company"), (AMEX AMEX See: American Stock Exchange : BHL BHL Bleeding-Heart Liberal BHL Battle Handover Line BHL Breath Hydrogen Level BHL Biohazard Level BHL Bottom of Heated Length BHL Bachelor of Hebrew Letters/Literature BHL Bilateral Hilar Lymphadenomegaly BHL Back-Hoe Loader ), the holding company for Berkshire Bank (the "Bank"), announced today that it has completed the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of 328,965 shares, or 5% of its outstanding common stock at an average price of $20.69 per share. Upon completion of the repurchase program, the Company had 6,250,327 shares outstanding. The Company also announced that its Board of Directors approved an additional repurchase program for 312,516 shares, or 5% of its outstanding common stock. This will be the fifth repurchase program approved by the Board since becoming a public company in June 2000. The Company intends to implement the repurchase program as soon as practicable subject to market conditions. The Company intends to hold the shares repurchased as treasury shares. The Company may utilize such shares to fund any stock benefit or compensation plan or for any other purpose the Board of Directors of the Company deems advisable ad·vis·a·ble adj. Worthy of being recommended or suggested; prudent. ad·vis  a·bil in compliance with applicable law. Berkshire Hills Bancorp, Inc., (AMEX: BHL), is the holding company for Berkshire Bank. Established in 1846, Berkshire Bank is one of Massachusetts' oldest and largest independent banks and is the largest banking institution based in Western Massachusetts. The Bank is headquartered in Pittsfield, Massachusetts "Pittsfield" redirects here. For other places named Pittsfield, see Pittsfield (disambiguation). Pittsfield is the largest city and county seat of Berkshire County, Massachusetts, United States. with 11 branch offices serving communities throughout Berkshire County. The Bank is committed to continuing to operate as an independent bank, delivering exceptional customer service and a broad array of competitively priced retail and commercial products to customers. Statements contained in this news release, which are not historical facts, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that term is defined in the Private Securities Legislation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Security and Exchange Commission from time to time. |
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