BOSTON - Berkshire Hills (NYSE:BHLB) Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, announced the upcoming departure of Chief Financial Officer R. David Rosato, who has chosen to pursue other interests. Rosato will continue his role until June 14, 2024, to facilitate a smooth transition of his responsibilities to Brett Brbovic, the designated successor.
Brett Brbovic, currently the Chief Accounting Officer, will become the Executive Vice President and Chief Financial Officer effective June 14, 2024. Brbovic has been with Berkshire since 2012 and served as the Interim Chief Financial Officer in the past, demonstrating his capability to lead the financial operations of the company.
The CEO of Berkshire, Nitin Mhatre, expressed appreciation for Rosato's contributions during his tenure, noting the financial and strategic progress made under his leadership. Mhatre highlighted Rosato's role in strengthening the balance sheet and enhancing expense management discipline. He also credited him with playing a pivotal part in recent strategic decisions, including the divestiture of financial centers and securities sales.
Rosato reflected on his time with Berkshire positively, taking pride in his part in strengthening the bank's financial group and setting the stage for future profitability improvements. He conveyed his best wishes to Brbovic and the team for their continued success.
Brbovic shared his enthusiasm for his new role, emphasizing his commitment to building on the strong financial foundation laid by Rosato and driving shareholder value.
Berkshire Bank, headquartered in Boston, operates with $12.1 billion in assets and 96 financial centers across New England and New York. The bank focuses on building relationships within the community and providing a range of banking and wealth solutions.
This leadership transition is based on a press release statement and does not include forward-looking statements, which are subject to various factors that could affect the company's actual results. These statements are not guarantees of future performance and should not be relied upon as predictions of future events.
InvestingPro Insights
As Berkshire Hills Bancorp, Inc. (NYSE: BHLB) navigates a transition in its financial leadership, investors and stakeholders may find value in considering key financial metrics and analyst insights.
With a market capitalization of approximately $987.33 million, the company's financial health and growth prospects are areas of interest. The current P/E ratio stands at 45.81, suggesting that BHLB is trading at a high earnings multiple, which could indicate investor confidence in the company's future earnings potential.
Despite a challenging revenue environment in the last twelve months as of Q1 2024, with a revenue decline of 21.67%, BHLB has maintained its commitment to shareholders through consistent dividend payments for 25 consecutive years, boasting a dividend yield of 3.12%.
This dedication to returning value to shareholders is noteworthy, especially considering the company's profitability over the same period. Moreover, four analysts have revised their earnings estimates upwards for the upcoming period, reflecting a positive outlook on the company's financial performance.
For those looking to delve deeper into BHLB's financials and future prospects, there are additional InvestingPro Tips available on Investing.com, including an analysis of the company's gross profit margins and profitability predictions for this year. With the use of coupon code PRONEWS24, readers can access these insights at a discounted rate on a yearly or biyearly Pro and Pro+ subscription, providing a comprehensive understanding of the investment landscape surrounding Berkshire Hills Bancorp, Inc.
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