With CFO s exit, upheaval continues at Berkshire Bank - Boston Business Journal bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Berkshire Hills to Nominate Two New Directors to the Company s Board
Enters into Agreement with HoldCo Asset Management
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BOSTON, March 8, 2021 /PRNewswire/ Berkshire Hills Bancorp, Inc. (NYSE: BHLB) ( the Company ) today announced that it intends to nominate Michael (Misha) A. Zaitzeff and a second new independent director selected by the Company with HoldCo s consent, together with 11 current Directors, to stand for election to its Board of Directors at the Company s 2021 Annual Meeting of Shareholders, to be held on May 20, 2021. In connection with this announcement, Berkshire has entered into a cooperation agreement with HoldCo Asset Management, LP ( HoldCo ), an investment firm which owns approximately 3.3 percent of the Company s outstanding shares. Mr. Zaitzeff is a co-founder and managing member of VM II LLC, the general partner of HoldCo Asset Management, LP.
Berkshire Hills reaches truce with activist investor americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
Author Bio
Bram Berkowitz mainly writes in the financials bureau covering the banking sector. Prior to The Motley Fool, he wrote about and covered community and regional banks in New England for The Warren Group. Follow @BramBerko
Life at the $12.8-billion-asset
Berkshire Hills Bancorp (NYSE:BHLB) has been anything but dull over the past few years, whether you look at the bank s volatile stock price or its many leadership changes. Now, one of the bank s major shareholders, HoldCo Asset Management, appears to have had enough and has called the bank out for its inability to create shareholder value. Let s take a look at Berkshire Hills struggles over the past few years, some of HoldCo s claims, and then what this means for the stock moving forward.
HoldCo Asset Management wrote in a letter to the Boston company's chairman that it also wants the board to consider share repurchases to improve shareholder value.