PITTSFIELD, Mass. and
SPRINGFIELD, Mass., April 14, 2015 /PRNewswire/ -- Berkshire
Hills Bancorp, Inc. (NYSE: BHLB) and Hampden Bancorp, Inc.,
(NASDAQ: HBNK) jointly reported that all regulatory approvals
relating to the merger of Hampden with and into Berkshire have been received. Hampden
shareholders previously approved the merger at a special meeting of
shareholders on March 12, 2015.
The merger is anticipated to close on or about April 17, 2015.
"We are very pleased to receive regulatory approval for our
merger with Hampden as planned," stated Michael P. Daly, Berkshire's President and CEO.
"Berkshire has a culture of
regulatory compliance and strong risk management systems that
facilitates merger partnerships. We look forward to
completing the merger and integration, and to serving Hampden's
customers and welcoming its employees and shareholders."
Glenn S. Welsh, Hampden's
President and CEO added, "I'm excited to be joining Berkshire's team and look forward to
continuing to work with Hampden's community supporters and our
valued employees who will be a part of the continued growth of this
outstanding banking franchise."
As previously announced, upon completion of the merger, Hampden
shareholders will be entitled to receive 0.81 shares of Berkshire
common stock for each share of Hampden common stock. The
exchange ratio is fixed and the transaction is expected to qualify
as a tax-free exchange for shareholders of Hampden Bancorp,
Inc.
BACKGROUND
Berkshire Hills Bancorp is the parent of
Berkshire Bank – America's Most Exciting Bank®. The Company has
$6.5 billion in assets and 91
full-service branch offices in Massachusetts, New
York, Connecticut, and
Vermont providing personal and
business banking, insurance, and wealth management services.
Hampden Bancorp, Inc. is the parent of Hampden Bank. Established in 1852,
Hampden Bank has $0.7 billion in assets and 10 branch offices
providing a full range of community bank service to families and
businesses in the Springfield, MA
area.
FORWARD LOOKING STATEMENTS
This document contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. There are several factors that
could cause actual results to differ significantly from
expectations described in the forward-looking statements. For a
discussion of such factors, please see Berkshire's most recent reports on Forms 10-K
and 10-Q and reports related to the merger which have been filed
with the Securities and Exchange Commission and which are available
on the SEC's website at www.sec.gov. Berkshire does not undertake any obligation to
update forward-looking statements.
CONTACTS
Berkshire Hills Bancorp, Inc.:
Allison O'Rourke, SVP and Investor
Relations Officer
Telephone: 413-236-3149
Hampden Bancorp, Inc.: Tara
Corthell, CFO and Treasurer
Telephone: 413-452-5150
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SOURCE Berkshire Hills Bancorp, Inc.