The company offers various deposit accounts with a range of interest rates and terms. The company also periodically offers promotional interest rates and terms for limited periods of time. The company’s deposit accounts consist of demand deposits (noninterest-bearing checking), NOW (interest-bearing checking) (NOW), regular savings, money market savings and time certificates of deposit. The company emphasizes its transaction deposits — checking and NOW accounts for personal accounts and checking accounts promoted to businesses. Additionally, the company offers various retirement deposit accounts to personal and business customers. In addition to providing service through its branches, the company provides services to deposit customers through its private bankers, MyBankers, commercial/small business relationship managers, and call center representatives. Wealth Management Services The company’s Wealth Management Group provides consultative investment management and trust relationships to individuals, businesses, and institutions, with an emphasis on personal investment management. Wealth Management services include investment management, trust administration, and estate planning. The company also provides a line of investment products, financial planning, and brokerage services utilizing Commonwealth Financial Network as the broker/dealer. Insurance As an independent insurance agent, the Berkshire Insurance Group represents a selected group of financially sound, reputable insurance companies. The Insurance Group offers a line of personal and commercial property and casualty insurance. It also offers employee benefits insurance and a line of personal life, health, and financial services insurance products. Berkshire Insurance Group operates a focused cross-sell program of insurance and banking products through all offices and branches of the bank. Regulation and Supervision The company is a Delaware corporation and a bank holding company, within the meaning of the Bank Holding Company Act of 1956, as amended. As such, it is registered with, supervised by and required to comply with the rules and regulations of, the Federal Reserve Board. The bank is a Massachusetts-chartered trust company and its deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (FDIC). The bank is subject to extensive regulation by the Massachusetts Commissioner of Banks as its chartering agency, and by the FDIC, as its deposit insurer. Certain regulatory requirements applicable to the company include certain changes made by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The bank is a member of the Federal Home Loan Bank system. The bank is subject to federal and state consumer protection statutes and regulations applicable to depository institutions, including but not limited to, the Truth-In-Lending Act; Home Mortgage Disclosure Act; Equal Credit Opportunity Act; Fair Credit Reporting Act; Fair Debt Collection Act; and Electronic Funds Transfer Act. As of the recent Community Reinvestment Act examination by the FDIC, the bank’s Community Reinvestment Act rating was ‘satisfactory’. Competition The company’s competition includes national and super-regional banks, such as Bank of America, TD Bank, Citizens Bank, Santander Bank, and Key Bank. History Berkshire Hills Bancorp, Inc. was founded in 1846.
berkshire hills bancorp inc
24 North Street
Pittsfield, MA 01201
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