Berkshire Hills Bancorp, Inc. (BHLB) Tops Q3 EPS by 1c; to Sell 4 Legacy Berkshire Branches
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Price: $26.13 --0%
Financial Fact:
Total interest and dividend income: 70.51M
Today's EPS Names:
OFLX, VAXX, NMRD, More
Financial Fact:
Total interest and dividend income: 70.51M
Today's EPS Names:
OFLX, VAXX, NMRD, More
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Berkshire Hills Bancorp, Inc. (NASDAQ: BHLB) reported Q3 EPS of $0.43, $0.01 better than the analyst estimate of $0.42.
In order to minimize potential anti-competitive effects of the Legacy acquisition, Berkshire agreed to sell four Legacy Berkshire branches in conjunction with the Legacy merger agreement. These branches are designated as discontinued operations in Berkshire's financial statements. At quarter-end, they had deposits totaling $152 million and were under contract for sale. Berkshire continued to operate these branches until the divestiture was completed on October 21, 2011. Subject to final settlement which will be recorded in the fourth quarter, Berkshire will receive a 6% deposit premium on these branches and will pay a related divestiture dividend to former Legacy shareholders for a portion of these proceeds pursuant to the Legacy merger agreement.
In order to minimize potential anti-competitive effects of the Legacy acquisition, Berkshire agreed to sell four Legacy Berkshire branches in conjunction with the Legacy merger agreement. These branches are designated as discontinued operations in Berkshire's financial statements. At quarter-end, they had deposits totaling $152 million and were under contract for sale. Berkshire continued to operate these branches until the divestiture was completed on October 21, 2011. Subject to final settlement which will be recorded in the fourth quarter, Berkshire will receive a 6% deposit premium on these branches and will pay a related divestiture dividend to former Legacy shareholders for a portion of these proceeds pursuant to the Legacy merger agreement.
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