cquisition of Firestone in 2015 allowed the company to expand its specialty commercial and industrial lending. Firestone originates loans secured by business-essential equipment through approximately 160 equipment distributors and manufacturers and directly through the end borrower in all 50 states. Key customer segments include the fitness, carnival, gaming, and entertainment industries. These loans function similarly to the company’s commercial and industrial portfolio. 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 lines have an initial revolving period up to 15 years, followed by an amortizing term up to 20 years. 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 issuers. 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. Deposit Activities The company serves personal, commercial, non-profit, and municipal deposit customers. Most of the company’s deposits are generated from the areas surrounding its branch offices. 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 (non-interest-bearing checking), NOW (interest-bearing checking), 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. The company offers a courtesy overdraft program to improve customer service, and also provides debit cards and other electronic fee producing payment services to transaction account customers. Additionally, the company offers various retirement deposit accounts to personal and business customers. The company offers compensating balance arrangements for larger business customers as an alternative to fees charged for checking account services. Berkshire’s Business Connection is a personal financial services benefit package designed for the employees of its 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. The company’s principal operations are in Western New England and it is expanding services in the company’s other regions. Insurance As an independent insurance agent, the Berkshire Insurance Group represents a selected group of financially sound, reputable insurance companies. The Berkshire 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 ins
berkshire hills bancorp inc
(BHLB:New York Consolidated)
24 North Street
Pittsfield, MA 01201
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