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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
BERKSHIRE HILLS BANCORP INC. ELECTS MICHAEL P. DALY PRESIDENT AND
CEO; JAMES A. CUNNINGHAM, JR. RESIGNS;
LAWRENCE A. BOSSIDY ELECTED TO BOARD OF DIRECTORS
PITTSFIELD, MA - October 17, 2002 - Berkshire Hills Bancorp, Inc. (the
"Company"), (AMEX: BHL), the holding company for Berkshire Bank (the "Bank"),
today announced that Michael P. Daly, who currently is Executive Vice President,
was elected President, Chief Executive Officer and Director of the Company and
the Bank. James A. Cunningham, Jr., President, CEO and Director of the Company
and the Bank announced his resignation effective immediately. Lawrence A.
Bossidy, retired Chairman and CEO of Honeywell International, Inc., was elected
as the Non-Executive Chairman of the Board of Directors. Robert A. Wells will
continue as Chairman of the Company and the Bank and remain involved in the
Company's management and helping to facilitate the transition.
Michael P. Daly began his banking career with Bank of Boston and joined
Berkshire County Savings Bank in 1986 as a commercial lender. He most recently
served as Executive Vice President and Chief Lending Officer at Berkshire Bank
with responsibilities within the business banking, operations, and commercial /
retail lending areas. Mr. Daly expressed enthusiasm for the future of the
Company and for maintaining the high quality of leadership that has become a
tradition at Berkshire Bank.
Michael P. Daly received his Bachelor of Science from Westfield State College
and a Master of Business Administration from Columbia University School of
Business. Mr. Daly has served on the boards of Downtown Pittsfield, Inc. as
Co-Chairman of its Development Committee and the Chamber of Commerce of the
Berkshires on its Economic Development Committee. He has also served as Chairman
of the Berkshire County Cystic Fibrosis Foundation for many years. He is a past
director of Robert Morris Associates, past Chairman of the Lanesboro
Conservation Committee and member of the Finance Committee for the Town of
Lanesboro. A life-long resident of Berkshire County, Mike and his wife Carol,
live in Lanesboro with their two daughters.
James A. Cunningham, Jr. joined the Bank in 1997 when Berkshire County Savings
Bank merged with Great Barrington Savings Bank, where he had served as President
and Chief Executive Officer since 1991. "I am pleased with what I have been able
to contribute to the Bank. After 29 years in banking, I am looking forward to
being able to spend more time with my family and on my personal interests," Mr.
Cunningham stated.
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In connection with the resolution of the Company's obligation under his
employment agreement, Mr. Cunningham and the Company have entered into a
severance agreement which is expected to result in a one-time after tax charge
to earnings of approximately $2.4 million in the fourth quarter and will
obligate Mr. Cunningham to certain non-competition and other obligations.
Also, elected to the Board of Directors today, Lawrence A. Bossidy will hold the
title of Non-Executive Chairman of the Company. In that position he will act in
an advisory capacity to the Company. "I am looking forward to my association
with the Company and the Bank and to make a contribution to the Board especially
during these executive changes," stated Bossidy.
"I am very pleased to welcome Larry Bossidy to our Board. His corporate
governance and business skills brings oversight and management strength to our
Board," added Wells. Mr. Bossidy, a native of Pittsfield, is the retired
Chairman of the Board and CEO of Honeywell International, Inc., a global
$23-billion advanced technology, controls and manufacturing company. His
distinguished business career began with the General Electric Company in 1957,
where he rose through the ranks to Vice Chairman and Executive Officer. Mr.
Bossidy left GE in 1991 to join AlliedSignal Inc. as its Chairman and CEO. He is
credited with transforming AlliedSignal into one of the world's most admired
companies. In 1999, Mr. Bossidy became Chairman of Honeywell International Inc.,
following the historic merger of AlliedSignal and Honeywell. He retired in April
of 2000 only to be brought back in July 2001 to stabilize the company following
GE's prolonged and unsuccessful attempt to acquire Honeywell.
Berkshire Hills Bancorp, Inc., (AMEX: BHL) is the holding company for Berkshire
Bank established in 1846. Berkshire Bank is one of Massachusetts' oldest and
largest independent banks and is the largest banking institution based in
Western Massachusetts. The Bank is headquartered in Pittsfield, Massachusetts
with 11 full service offices serving communities throughout Berkshire County.
The Bank is committed to continuing to operate as an independent bank,
delivering exceptional customer service and a broad array of competitively
priced retail and commercial products to customers.
STATEMENTS CONTAINED IN THIS NEWS RELEASE, WHICH ARE NOT HISTORICAL FACTS, ARE
FORWARD-LOOKING STATEMENTS AS THAT TERM IS DEFINED IN THE PRIVATE SECURITIES
LEGISLATION REFORM ACT OF 1995. SUCH FORWARD-LOOKING STATEMENTS ARE SUBJECT TO
RISKS AND UNCERTAINTIES, WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM THOSE CURRENTLY ANTICIPATED DUE TO A NUMBER OF FACTORS, WHICH INCLUDE, BUT
ARE NOT LIMITED TO, FACTORS DISCUSSED IN DOCUMENTS FILED BY THE COMPANY WITH THE
SECURITIES AND EXCHANGE COMMISSION FROM TIME TO TIME.
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News Contact: Robert A. Wells 413-236-3190