Berkshire Hills Bancorp, Inc. operates as the bank holding company for Berkshire Bank (the bank) and Berkshire Insurance Group, Inc. (Berkshire Insurance Group) that provides retail and commercial banking, along with wealth management and investment services. The company has 91 full-service banking offices in its New England and upstate New York footprint, which extends along Interstate 90 from Boston to Syracuse, and along Interstate 91 from Hartford into Vermont. The company also has commercial and retail lending offices located in Eastern Massachusetts. Lending Activities Residential Mortgages: The company offers fixed-rate and adjustable-rate residential mortgage loans with maturities of approximately 30 years that are fully amortizing with monthly loan payments. The company’s loan products are available through the Federal National Mortgage Association, the 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 more. The company generally sells majority of its newly originated conforming fixed rate mortgages. It also sometimes purchases or sells seasoned mortgage loans in the secondary mortgage market. The bank is approved as a direct seller to the Federal National Mortgage Association, retaining the servicing rights. The majority of the bank’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, the 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. The company offers interest rate swaps to certain larger commercial mortgage borrowers. The company originates construction loans to builders and commercial borrowers in and around its markets. The company commits to provide the permanent mortgage financing on majority of its construction loans on income-producing property. 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. Consumer Loans: The company’s consumer loans consist principally of home equity lines of credit and indirect automobile loans, together with second mortgage loans and other consumer loans. The company’s home equity lines of credit are typically secured by first or second mortgages on borrowers’ residences. Home equity loans also include amortizing fixed-rate second mortgages with terms up to 15 years. Investment Securities Activities The company invests in investment grade corporate bonds and non-investment grade fixed income securities consisting primarily of capital instruments issued by local and regional financial institutions and a mutual fund investing in non-investment grade bonds of national corporate issues. The company also invests in equity securities of local financial institutions, including those that might be future potential partners, as well as dividend yielding equity securities of national corporate exchange traded issuers. Deposits The company serves personal, commercial, non-profit, and municipal deposit customers. Majority of the company’s deposits are generated from the areas surrounding its branch offices.
berkshire hills bancorp inc
24 North Street
Pittsfield, MA 01201
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