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Profit at Berkshire Hills rises in third quarter

By Kevin Tampone


Net income at Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB) rose to $10 million, or 46 cents a share, in the third quarter.

That’s up from $4.4 million, or 22 cents a share, in the third quarter of 2011. Berkshire, based in Pittsfield, Mass., is the parent of Berkshire Bank, which has 73 branches in Massachusetts, New York, Connecticut, and Vermont.

The bank has total assets of $5.5 billion. It entered the Central New York market last year with an acquisition of Rome Savings Bank and completed a deal for DeWitt–based Beacon Federal earlier this month.

Berkshire now has 10 branches in the Syracuse and Utica-Rome markets.

The bank is planning to transfer its stock to the New York Stock Exchange in November.

“Berkshire has grown to over 25 million common shares outstanding and a market capitalization over $550 million,” President and CEO Michael Daly said in a news release. “With the increased investor interest in our company, we are pleased to have been cleared by the NYSE to join the many successful banks which are traded there. As we continue to grow in size and profitability, we look forward to the support and visibility that this listing will provide for our existing and prospective shareholders.”

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