Wall, Bullard receive SBA honors

first_imgNews Release span.heading4{ text-align: left}p{ margin-top: 0px; margin-bottom: 1px}body{ font-family: “Times New Roman”, serif; font-size: 12pt; font-weight: normal; font-style: normal}Wall, Bullard receive SBA honorsJohn Wall, President, Wall/Goldfinger, Inc, Northfield, Vermont, has been named theU.S. Small Business Administration’s (SBA) 2006 Vermont Small Business Person ofthe Year. Nominated by Richard Angney, Executive Vice President, Central VermontEconomic Development Corporation, Wall was selected for outstanding leadership relatedto his company’s staying power, employee growth, increase in sales, innovative ingenuity,response to adversity and contributions to the community.Wall/Goldfinger designs and manufactures high-end board and conference room furniturefor Fortune 500 corporations and leading financial and academic institutions including theFederal Reserve, the International Monetary Fund, the United Nations, the New York StockExchange, CBS, Bank of America and Pfizer. Many of the important decisions of our timeare made around Wall/Goldfinger boardroom tables equipped with state-of-the-artcommunication technology.John Wall’s leadership is a model of innovation, integrity and sustainability,” said KennethA. Silvia, SBA Vermont District Director. “When his company came to a virtual standstillduring the aftermath of September 11, John managed to retain his employees and,working with them as a team, made an outstanding come-back during the recoveryperiod.”Wall/Goldfinger began with four employees in 1976 and by 2006, the number had grown to40. The original shop, a rudimentary 2,000 square ft. facility, had expanded into a 52,000sq. foot factory accommodating state-of-the-art finish applications, computer-controlledrouting and sophisticated wood machining and sanding systems. With the help of an SBA-guaranteed loan through Northfield Savings Bank, John Wall purchased MichaelGoldfinger’s share of the company in 1993 and led the company to nearly $7 million insales in 2005. Since its inception in 1976, the company’s resilience has been tested a number of timesbut never to the degree produced by the terrorist attacks of September 11, 2001.Immediately following the attacks, corporate business in Manhattan and Washington, DCcame to a standstill. In 2002, U.S. contract furniture industry sales dropped from $12billion to $8 billion. While much of the business world gradually returned to normal, thecustom furniture industry suffered a second and even more dramatic setback. Theplanning cycle for new business had been seriously disrupted by the 9/11 attacks. With anaverage gestation period of two years for new projects, an even more dire business “hole”emerged in 2003. Wall/Goldfinger found itself at a critical crossroads. The company faced huge losses thatcould be mitigated by a reduction in manpower. However, Wall and the management teamconsidered the company’s skilled work force its only trump card. Losing employees wouldhave provided instant relief, but at what cost to the company’s long-range success? Walland the management team decided to retain the work force as long as financially possible.In many cases, employees were put on non-revenue producing tasks. Sales dropped 8%in 2001, rebounded 35% in 2002, and dropped again by 26% in 2003. The cost was greatto Wall/Goldfinger’s bottom line, capital resources and Wall’s personal net worth. However, the company concentrated on product development and marketing anddeveloped an interactive relationship with their top 100 architectural clients. The gambleproved successful as the market turned around in early 2004. With an experienced workforce in place, the company was well-positioned to seize new opportunities, and seizethem it did. Wall/Goldfinger experienced record sales in 2004 (up 43%) and by 2005,sales topped out at nearly $7 million. Wall/Goldfinger, Inc. offers numerous employee benefits including matching 401kcontributions, payment of over 95% of the total health insurance premiums, one-on-oneconsultations with a financial planner and continued development of employee skillsthrough the Vermont Training Program. The company has made cash donations to morethan 80 local organizations and, over the last six years, donated over 10% of its profitsback to the community. Environmental responsibility is another Wall/Goldfinger strength. For their work inredesigning a new finishing facility, the company received the Vermont Governor’s Awardfor Pollution Prevention in 2001. Later in 2006, the company invested in a recyclingsystem that reduces both pollution and the cost of heating fuel. The system pulls dust andwood shavings away from employees and stores the waste outdoors to be recycled into areturning stream of clean, heated air. As Vermont’s Small Business Person of the Year, John Wall will compete for the nationaltitle at National Small Business Week ceremonies in Washington, D.C., April 12-13. Mr.Wall will be locally honored by the U.S. Small Business Administration (SBA) at aceremony presented by Vermont Business Magazine, June 7th at Burlington’s WaterfrontPark, 4:00-7:00 p.m. SBA also salutes winners of the 2006 Vermont Small Business Champion Awards,including National Winner Janet Bullard, Vermont Commission on Women: Janet BullardVermont Commission on Women, MontpelierState, New England Regional and National Women in Business ChampionJim KeyesCitizens Bank, BurlingtonFinancial Services Champion of the YearRobert JohnsonOmega Optical, Inc., BrattleboroSmall Business Exporter of the YearMark JohnsonWDEV Radio, WaterburySmall Business Journalist of the YearLaurie HammondTriple Loop Skate and Dance, ColchesterVermont Microenterprise AwardJohn B.Durfee and Lang DurfeeBethel Mills, BethelFamily-Owned Business of the YearMargaret FergusonMicro Business Development Program,Central VT Community Action Council, BarreHome-Based Business Champion of the YearSteve BrochuVermont Department of Labor, St. JohnsburyVeteran Small Business Champion of the Year# # #last_img read more

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Freeman French Freeman Wins Interior Design Award

first_imgThe American Institute of Architectures Vermont chapter honored Freeman French Freeman (FFF) with an Interior Architecture award for the Burlington International Airport expansion project. This award was one of eight given by the local AIA chapter and is the firms third consecutive award for its work at the airport.The jury, a panel of architects from the Connecticut chapter of AIA, was impressed by the interesting use of modernist materials and also praised the bringing of art to architecture in a place where people spend a lot of time.Michael Hoffman, Professor of Architecture at Norwich University, said the jury was taken by the interiors sense of whimsy. Four circular skylights with conical wells penetrate through a deep ceiling cavity to direct and frame glimpses of passing clouds, birds, and aircraft, said designer Alex Halpern of FFF. The skylight composition punctuates the entire space with dynamic fields of light and shadow projecting onto walls and floor below.last_img read more

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John Springer-Miller Inducted into the International Hospitality Technology Hall of Fame

first_imgWith the creation of SMS | Host, a property management system that integrates guest services, John Springer-Miller changed the face of hospitality technology by creating a guest-centric approach to software. For his contributions to the hospitality industry, Hospitality Financial and Technology Professionals (HFTP®) inducted Springer-Miller into the International Hospitality Technology Hall of Fame at the 2007 Hospitality Industry Technology Exposition and Conference (HITEC®. Opening Session on Tuesday, June 26 at the Orange County Convention Center in Orlando, Fla.”The Hall of Fame is, perhaps, the greatest honor one can receive in this industry,” said Springer-Miller. “I am honored to be recognized on the same level as the previous Hall of Fame inductees.”Springer-Miller is CEO of PAR Springer-Miller Systems (SMS), which he founded in 1984. Springer-Miller saw a void in property management systems in the hospitality industry and felt a need to fill it by providing software that is customer oriented and allows properties to collect detailed information to enhance the guest experience. This software, SMS | Host, was created in 1986 and was nationally launched in 1989.Thanks to SMS | Host software, hotels are able to save customer preference information for future visits and increase time management by providing a one-stop shop. Guests can call the hotel, and with a single point of contact, make hotel reservations, set a spa appointment, reserve a golf tee time, book a dinner reservation, inform the hotel about any special needs and more.”Being the founder and continuing leading light of a highly successful, international hospitality property management system vendor for over 20 years is worthy in itself,” said Jon Inge, CHTP, ISHC, president of Jon Inge & Associates and 2006 Hall of Fame inductee. “However, his impact has been the more significant for his focus on producing a highly-integrated product focused on the resort market.””Another visionary concept that Springer-Miller brought to our industry was the users group. Most software companies have a users group, however, he felt that the users group should be owned and operated by the users’ not the software company. Springer-Miller helped organize the Hosts User Group which is owned, operated and managed by the users and welcomes this group’s voice in steering the direction of the software,” said Terry Price, CHAE, CHTP, CPA, executive IT manager at The Grove Park Inn Resort & Spa and secretary of the HFTP international board. “The success of this venture is self-evident in that many companies are trying to replicate this model.”In 2004, SMS was acquired by Par Technology Corporation to become PAR Springer-Miller Systems. Currently there are five offices around the world in Stowe, Vt., Las Vegas, Nev., London, Toronto and Kuala Lumpur, Malaysia.The International Hospitality Technology Hall of Fame is HFTP’s highest level of recognition in the area of technology. Since its inception in 1989, 28 individuals have received this award as a reflection of their contributions to the hospitality industry. Hall of Fame members have been selected by their peers as representing the best in innovation and application and as leaders in their profession.About PAR Springer-Miller Systems:PAR Springer-Miller Systems, Inc. is a leading provider of hospitality management solutions that meet the technology needs of all types of hospitality enterprises including city-center hotels, destination spa and golf properties, timeshare properties and casino resorts worldwide, setting the pace as a pioneer in the hospitality industry. SMS|Host Hospitality Management System is distinguished from other property management systems with its truly integrated design and unique approach to guest service. The SMS|Host product suite, including more than 20 seamlessly integrated, guest-centric application modules, provides hotel/resort staff with the tools they need to personalize service, exceed guest expectations, and increase revenue. For more information on PAR Springer-Miller Systems, visit our website at www.springermiller.com(link is external).About PAR Technology Corporation:PAR Technology Corporation is a leading provider of professional services and enterprise business intelligence software and hardware to the hospitality industry. PAR develops, markets and supports hardware and software products that improve the ability of hospitality business professionals to make timely, fact-based business decisions. The Company is a premier provider of I/T management solutions to hotel and restaurant companies, with over 40,000 installations worldwide in 100 countries. PAR is a leader in providing computer-based system design and engineering services to the Department of Defense and Federal Government Agencies. PAR Technology Corporation’s stock is traded on the New York Stock Exchange under the symbol PTC. For more information visit the Company’s website at www.partech.com(link is external).About HFTP:HFTP: Austin, Texas, and Maastricht, The Netherlands, founded in 1952, is the global professional association for financial and technology personnel working in hotels, clubs and other hospitality-related businesses. HFTP provides first class educational opportunities, research, and publications to more than 4,600 members globally including, the premiere hospitality technology conference HITEC–founded in 1972. HFTP also awards the only hospitality specific certifications for accounting and technology —the Certified Hospitality Accountant Executive (CHAE) and the Certified Hospitality Technology Professional (CHTP) designations. HFTP was founded in the USA as the National Association of Hotel Accountants. For more information, visit www.hftp.org(link is external).last_img read more

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Governor to sign five bills into law today

first_imgGovernor Douglas will sign into law five pieces of legislation today at venues across the state:  S.26 An Act Relating to Recovery of Profits from Crime, the Disposition of Property Upon Death, Transfer of Interest in Vehicle Upon Death, Homestead Exemption, Unclaimed Property, Credit Card Fee Disputes, and Patient s Privilege; S.125 An Act Relating to Expanding the Sex Offender Registry; H.222 An Act Relating to Senior Protection and Financial Services; H.313 The Vermont Recovery and Reinvestment Act of 2009; and S.51 An Act Relating to Vermont s Motor Vehicle Franchise Laws.  The details for the bill signings are below.S. 26 and S.125S. 125 helps Vermont take another important step forward in protecting Vermonters, our children and our communities expanding Vermont s sex offender registry in several significant ways.  The bill also contains many provisions important to law enforcement in Vermont.  It allows law enforcement access to sealed records in appropriate cases, allows them access to corrections records that may be helpful in an investigation, it extends the statute of limitation on certain sex crimes, and makes it easier to investigate and prosecute cases where an offender fails to comply with sex offender registry requirements.S.26 includes a number of different provisions, but most importantly expands victim protection by not allowing the perpetrator of a crime to profit from a crime without paying money damages he or she may owe to a victim of their crime or reimbursing the State for the cost of prosecution or incarceration.DATE: Monday, June 1, 2009TIME: 9:30 a.m.LOCATION: Rutland Police Department 108 Wales Street Rutland, VermontH.222H. 222, An Act Relating to Senior Protection and Financial Services, contains several provisions to protect older Vermonters who purchase certain types of lending and insurance products. Governor Douglas noted, Vermont seniors are among our savviest citizens.  But they are also among our most vulnerable populations and can become targets for financial exploitation.  This bill helps protect the financial resources of older Vermonters by prohibiting opportunistic and unscrupulous practices that take advantage of seniors financial fears and circumstances.DATE: Monday, June 1, 2009TIME: 12:30 p.m.LOCATION: Waterbury Area Senior Center 14 Stowe Street Waterbury, VermontH.313H. 313 is a wide-ranging economic development bill.  At the signing ceremony, Governor Douglas will discuss aspects of the bill that will encourage job creation and help Vermont emerge from the recession.  He will also highlight other proposals to help small businesses and working Vermonters by making the state more competitive in attracting quality jobs for the 21st century.DATE: Monday, June 1, 2009TIME: 1:30 p.m.LOCATION: Governor s Ceremonial Office State House Montpelier, VermontS.51S. 51 is an important economic development bill for Vermont s new motor vehicle, motor home and motorcycle dealers, along with their estimated 3,000 employees.  It includes several important provisions that will provide assistance to dealers during this difficult economic time.DATE: Monday, June 1, 2009TIME: 2:30 p.m.LOCATION: Mid-State Dodge Hyundai 1365 Route 302 (Barre-Montpelier Road) Berlin, VermontSource: Governor’s Officelast_img read more

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Berkshire Hills reports 25 percent Q1 core earnings growth

first_imgBerkshire Bank,Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB) reported a 25% increase in first quarter core earnings to $4.2 million in 2011, compared to $3.3 million in 2010.  First quarter core earnings per share also increased by 25% to $0.30 in 2011, compared to $0.24in 2010.  Core earnings growth continued to reflect the benefit of positive operating leverage, primarily resulting from 7% revenue growth.First quarter GAAP net income was $2.8 million in 2011 ($0.20 per share), compared to $3.3 million in 2010 ($0.24 per share).  GAAP net income reflected $1.4 million in after-tax non-core merger related expenses.  Berkshire completed the acquisition of Rome Bancorp, Inc. on April 1, 2011 and is planning to complete the acquisition of Legacy Bancorp, Inc. in the third quarter of 2011.FIRST QUARTER FINANCIAL HIGHLIGHTS (revenue and expense comparisons are to the prior year first quarter, unless otherwise noted)10% increase in net interest income15% annualized growth in asset based and commercial real estate loans7% annualized growth in total deposits3.30% net interest margin, unchanged from the prior quarter0.54% non-performing assets/total assets, down from 0.59% in the prior quarter0.30% annualized net loan charge-offs/average loans, down from 0.37% in the prior quarter1.49% allowance for loan losses/total loans, unchanged from the prior quarter Michael P. Daly, President and Chief Executive Officer, stated, “We had a strong start to the year, with solid revenue growth driving a 25% improvement in core earnings results.   We continue to build market share in targeted areas of loan and deposit growth.  Our asset quality remains favorable, with ongoing improvement in non-performing assets and loan charge-off metrics from already low levels.  We recently opened a new office in Rotterdam, New York, following the opening of two other New York branch offices in the latter part of 2010.   All of our business lines are working together towards our objective of increasing core earnings per share by 40% or more in 2011.”Mr. Daly continued, “We are proceeding well with the integration of Rome Bancorp and are confident that we will achieve the financial benefits that we originally targeted for this acquisition.  Once we have completed the Legacy Bancorp acquisition, we expect to have more than $4 billion in assets, more than 60 branches, and a market capitalization exceeding $450 million based on our recent stock price.  These mergers position us well to continue to grow as the leading locally headquartered regional bank serving our New England and New York markets.”DIVIDEND DECLAREDThe Board of Directors maintained the cash dividend on Berkshire’s common stock, declaring a dividend of$0.16 per share to stockholders of record at the close of business on May 12, 2011 and payable on May 26, 2011.  This dividend equates to a 2.92% annualized yield based on the average closing price ofBerkshire’s common stock in the first quarter of 2011.FINANCIAL CONDITIONTotal assets remained steady at $2.9 billion in the most recent quarter.  Total asset based and commercial real estate loans grew at a 15% annualized rate, reflecting ongoing growth in these areas and the continuing strong momentum of the asset based lending group which was recruited at the beginning of 2010.  Total loans increased slightly, as the above increases were partially offset by lower construction balances and a decrease in other consumer loans due to residual planned runoff in automobile loans.  Key asset quality metrics remained favorable in the most recent quarter.  Non-performing assets decreased to 0.54% of total assets, and annualized net loan charge-offs decreased to 0.30% of average loans.  Accruing delinquent loans also remained favorable, increasing modestly to 0.70% of total loans.Total deposits increased at a 7% annualized rate in the first quarter of 2011, primarily due to ongoing growth of money market accounts and expansion in the New York region.  The cost of deposits continued to decrease, falling by an additional 0.11% in the most recent quarter, compared to the prior quarter.  Deposit growth was primarily used to pay down overnight Federal Home Loan Bank advances.  The loan/deposit ratio continued to improve, measuring 96% at quarter-end, demonstrating the Bank’s strong liquidity.  The ratio of tangible equity/tangible assets increased to 8.04% during the quarter, with total equity/assets increasing to 13.52%.  Tangible book value per share increased to $15.44 at quarter-end, while total book value per share increased to $27.63.RESULTS OF OPERATIONSCore earnings have improved sequentially in each of the last five quarters, primarily reflecting the benefit of positive operating leverage resulting from revenue growth and disciplined expense management.  First quarter year-to-year revenue growth was 7%, including 10% growth in net interest income.  Net interest income has grown sequentially in the last seven quarters.  In the most recent quarter, this growth resulted primarily from 12% annualized average loan growth due to the strong momentum coming into the year.  The net interest margin remained stable at 3.30% compared to the prior quarter. This reflects disciplined pricing of loans and deposits to mitigate pressures in the continuing low market rate environment.    First quarter non-interest income increased slightly in 2011 compared to 2010.  Insurance fee revenues increased by $0.3 million (7%); insurance income is seasonal in the first half of the year due to contingency income.  Deposit related fee income was up 3% including the benefit of account growth.  This growth partially offset a decrease in loan related fee income for commercial loan interest rate swaps.The first quarter loan loss provision decreased by $0.7 million to $1.6 million in 2011 compared to 2010.  The loan loss allowance remained flat at $31.9 million during the quarter, measuring a strong 1.49% of total loans and 240% of non-accruing loans at quarter-end.First quarter core non-interest expense increased by $1.3 million (6%) in 2011 compared to 2010.  This included a $0.6 million increase in the expense of other real estate owned primarily due to the write-down of foreclosed properties to facilitate pending sales.  Excluding this expense, core non-interest expense increased by 4%, including the costs of new de novo branches and business line expansion over the last year.  Compensation expense growth was limited to 1% for these periods.  Total non-interest expense included $1.7 million in non-core charges for merger related expenses, consisting primarily of investment banking and legal fees and severance costs.  The first quarter effective income tax rate increased to 27% in 2011 from 22% in 2010.UNAUDITED SELECTED FINANCIAL HIGHLIGHTS OF ROME BANCORPIncluded in the financial exhibits to this news release are unaudited selected first quarter financial highlights of Rome Bancorp.  This information does not include all items which may affect the final financial statements of Rome as of March 31, 2011 and it does not include non-core charges related to the merger of Rome into Berkshire.  Additional financial information about Rome Bancorp will be provided in the notes to the financial statements of Berkshire as of June 30, 2010, which will reflect the acquisition of Rome as of April 1, 2011.CONFERENCE CALLBerkshire will conduct a conference call/webcast at 10:00 a.m. eastern time on Wednesday, April 27, 2011 to discuss the results for the quarter and guidance about expected future results.  Information about the conference call follows:Dial-in:877-317-6789 A telephone replay of the call will be available through May 6, 2011 by calling 877-344-7529 and entering conference number: 449628.  The webcast and a podcast will be available at Berkshire’s website above for an extended period of time.  BACKGROUNDBerkshire Hills Bancorp is the parent of Berkshire Bank – America’s Most Exciting Bank(SM).  The Company has $3.2 billion in assets and 48 full service branch offices in Massachusetts, New York, andVermont.  The Company provides personal and business banking, insurance, and wealth management services.  Berkshire Bank provides 100% deposit insurance protection for all deposit accounts, regardless of amount, based on a combination of FDIC insurance and the Depositors Insurance Fund (DIF). The Company completed the acquisition of Rome Bancorp on April 1, 2011 and currently has a pending agreement to acquire Legacy Bancorp. For more information, visit www.berkshirebank.com(link is external) or call 800-773-5601.  FORWARD LOOKING STATEMENTSCertain statements contained in this news release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (referred to as the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (referred to as the Securities Exchange Act), and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.These forward-looking statements are subject to significant risks, assumptions and uncertainties.  Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: local, regional, national and international economic conditions and the impact they may have on us and our customers and our assessment of that impact, changes in the level of non-performing assets and charge-offs; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, securities market and monetary fluctuations; political instability; acts of war or terrorism; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowings and savings habits; changes in the financial performance and/or condition of our borrowers; technological changes; acquisitions and integration of acquired businesses; the ability to increase market share and control expenses; changes in the competitive environment among financial holding companies and other financial service providers; the quality and composition of our loan or investment portfolio; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our organization, compensation and benefit plans; the costs and effects of legal and regulatory developments, including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; greater than expected costs or difficulties related to the opening of new branch offices or the integration of new products and lines of business, or both; and/or our success at managing the risk involved in the foregoing items.Additional factors that could cause the results of Berkshire to differ materially from those described in the forward-looking statements can be found in the filings made by Berkshire with the Securities and Exchange Commission, including the Berkshire Hills Bancorp Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and the Berkshire Hills Bancorp Registration Statement on Form S-4 for the registration of common stock to be issuable upon the planned completion of the merger of Legacy Bancorp, Inc.  Berkshire’s actual results, performance or achievements, or industry results, may be materially different from the results indicated by these forward-looking statements. In addition, Berkshire’s past results of operations do not necessarily indicate future results. You should not place undue reliance on any of the forward-looking statements, which speak only as of the dates on which they were made.Berkshire is not undertaking an obligation to update these forward-looking statements, even though its situation may change in the future, except as required under federal securities law.  Berkshire qualifies all of its forward-looking statements by these cautionary statements.Certain statements contained in this news release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the SEC, in press releases, and in oral and written statements made by us or with our approval that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statements of our plans, objectives and expectations or those of our management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted,” “continue,” “remain,” “will,” “should,” “may” and other similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.ADDITIONAL INFORMATION FOR STOCKHOLDERSThe proposed transaction with Legacy Bancorp, Inc. will be submitted to their stockholders for their approval and to Berkshire’s stockholders for their approval.  In connection with the proposed Legacy merger, Berkshire has filed with the Securities and Exchange Commission (“SEC”) a preliminary Registration Statement on Form S-4.  When it becomes final and effective, it will include a Proxy Statement of Legacy Bancorp and a Proxy Statement/Prospectus of Berkshire, as well as other relevant documents concerning the proposed transaction.  Stockholders are urged to read these documents as they become available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.  A free copy of the Proxy Statement/Prospectus as well as other filings containing information about Berkshire Hills and Legacy may be obtained at the SEC’s Internet site (http://www.sec.gov(link is external)).  You will also be able to obtain these documents, free of charge, from Berkshire Hills Bancorp at www.berkshirebank.com(link is external) under the tab “Investor Relations” or from Legacy Bancorp by accessing Legacy Bancorp’s website at www.legacy-banks.com(link is external) under the tab “Investor Relations.”Berkshire and Legacy and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Legacy Bancorp in connection with the proposed merger.  Information about the directors and executive officers of Berkshire Hills Bancorp is set forth in the proxy statement for Berkshire Hills Bancorp’s 2011 annual meeting of stockholders, as filed with the SEC on a Schedule 14A on March 24, 2011.  Information about the directors and executive officers of Legacy Bancorp is set forth in the proxy statement for Legacy Bancorp’s 2010 annual meeting of stockholders, as filed with the SEC on a Schedule 14A on March 25, 2010.  Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement/Prospectus documents regarding the proposed mergers as they become available.  Free copies of these documents may be obtained as described in the preceding paragraph.NON-GAAP FINANCIAL MEASURESThis document contains certain non-GAAP financial measures in addition to results presented in accordance with Generally Accepted Accounting Principles (“GAAP”).  These non-GAAP measures provide supplemental perspectives on operating results, performance trends, and financial condition.  They are not a substitute for GAAP measures; they should be read and used in conjunction with the Company’s GAAP financial information.  A reconciliation of non-GAAP financial measures to GAAP measures is included in the accompanying financial tables.  In all cases, it should be understood that non-GAAP per share measures do not depict amounts that accrue directly to the benefit of shareholders.  The Company utilizes the non-GAAP measure of core earnings in evaluating operating trends, including components for core revenue and expense.  These measures exclude amounts which the Company views as unrelated to its normalized operations, including merger costs and restructuring costs.  Similarly, the efficiency ratio is also adjusted for these non-core items.  Additionally, the Company adjusts core income to exclude amortization of intangibles to arrive at a measure of the underlying operating cash return for the benefit of shareholders.  The Company also adjusts certain equity related measures to exclude intangible assets due to the importance of these measures to the investment community.  Non-GAAP adjustments in 2010 and 2011 are primarily related to expense charges related to the Rome and Legacy mergers. PITTSFIELD, Mass., April 26, 2011 /PRNewswire/ — Webcast:www.berkshirebank.com(link is external) (investor relations link)last_img read more

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