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According to a filing with the U.S. Securities and Exchangs Commission, Pittsfield, Mass.-based parent of expects to sell 1.24 milliom shares of common stock (Nasdaq: BHLB) at aboutg $24 a share. The shares are covered by a shelfg registration filed in 2006 to allow the compang to raise capital as Michael Daly, president and CEO of said the bank is looking for growth in many of its key businessw lines and “we believe that it is timely to increasre our capital base to take advantage of future opportunities that may develo p in the current environment.
” Daly said the company will to use the offeringt proceeds for general corporate purposes which may includde support for organic growth and “opportunistic acquisition-basexd growth.” Berkshire already has announced one purchase, that of (OTB: of Worcester, Mass. , L.P. is actintg as lead manager for thestockl offering, with as co-manager. Both firmds are based in New York City. Berkshirs also has applied for regulatorty approval to repurchasethe $40 million in preferredf stock and warrants it issuedx to the U.S. Departmentf of Treasury in connection withthe government’s Capita l Purchase Program.
If the application is Berkshire expects to repurchase the preferred stocl with cashon hand, and to entefr into negotiations with the Treasury to repurchase the relatede warrants for common shares. Berkshire Bank has its New York statw headquartersin Albany, and nine area
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