Berkshire Hills Bancorp, Inc. operates as the bank holding company for Berkshire Bank (the bank) and Berkshire Insurance Group, Inc. (Berkshire Insurance Group) that provide various banking products and services. The bank operates under the brand of America’s Most Exciting Bank. The company has 93 full-service banking offices in its New England and upstate New York footprint. The company also has commercial and retail lending offices located in Eastern Massachusetts. To augment its commercial lending operations, the company owns Firestone Financial Corp. (Firestone), which operates as a subsidiary of Berkshire Bank. Firestone is a commercial specialty finance company providing secured installment loan equipment financing for small and medium-sized businesses. Firestone originates commercial and industrial loans to a national customer base in various niche industries. Lending Activities Residential Mortgages: The company offers fixed-rate and adjustable-rate residential mortgage loans with maturities of approximately 30 years that are amortizing with monthly loan payments. The company’s loan products are available through Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, government insured, and state programs. In addition, the company offers a suite of portfolio products through the bank. The bank is an in-house Direct Endorsed Lender for the Federal Housing Administration (FHA). It also offers the U.S. Department of Veteran Affairs (VA), USDA, FHA Reverse, State Housing, Home Path, HARP, and other government sponsored mortgage programs. The company also originates loans above conforming loan amount limits, referred to as ‘jumbo loans’, which are generally conforming to secondary market guidelines for these loans. The company generally sells most of its newly originated conforming fixed rate mortgages. It also purchases or sells seasoned mortgage loans in the secondary mortgage market when opportunities become available. The bank is approved as a direct seller to the Federal National Mortgage Association, retaining the servicing rights. The majority of the company’s secondary marketing is to national institutional secondary market investors on a servicing-released basis. The bank is also an approved originator of loans for sale to the FHA, VA, and state housing agency programs. The company offers adjustable rate mortgages, which do not contain interest-only or negative amortization features. The company also originates loans to individuals for the construction and acquisition of personal residences. Commercial Real Estate: The company originates commercial real estate loans on properties used for business purposes, such as small office buildings, industrial, healthcare, lodging, recreation, or retail facilities. This portfolio also includes commercial 1-4 family and multifamily properties. Loans might generally be made with amortizations of approximately 25 years and with interest rates that adjust periodically (primarily from short-term to 5 years). Most commercial real estate loans are originated with final maturities of 10 years or less. As part of its business activities, the company also enters into commercial loan participations with regional and national banks, and purchases and sells commercial loans in its footprint. The company originates construction loans to developers and commercial borrowers in and around its markets. Commercial and Industrial Loans: The company offers secured commercial term loans with repayment terms, which are normally limited to the expected useful life of the asset being financed, and generally not exceeding 10 years. The company also offers revolving loans, lines of credit, letters of credit, time notes and Small Business Administration guaranteed loans. The Asset Based Lending Group serves the commercial middle market in New England, as well as the company’s market in northeastern New York. This group expands the company’s business lending offerings to include revolving lines of credit and term loans secured by accounts receivable, inventory, and other assets to manufacturers, distributors and select service companies. The a
berkshire hills bancorp inc
(BHLB:New York Consolidated)
24 North Street
Pittsfield, MA 01201
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