8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 18, 2021

BERKSHIRE HILLS BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-15781	04-3510455
(State or Other Jurisdiction) of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

60 State Street, Boston, Massachusetts	02109
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (800) 773-5601, ext. 133773

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	BHLB	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Item 8.01    Other Events.

On October 18, 2021, Berkshire Hills Bancorp, Inc. (the “Company”), the holding company for Berkshire Bank, issued a news release announcing its partnership with Upstart, a leading artificial intelligence platform designed to improve access to affordable credit while reducing the risk and costs of lending.

The full text of the news release is attached as Exhibit 99.1 to the Form 8-K and is incorporated by reference.

Item 9.01   Financial Statements and Exhibits

(a) Financial Statements of Businesses Acquired.  Not applicable.

(b) Pro Forma Financial Information.  Not applicable.

(c) Shell Company Transactions.  Not applicable.

(d) Exhibits.

Exhibit No. Description

99.1 News Release dated October 18, 2021

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

		Berkshire Hills Bancorp, Inc.
DATE: October 18, 2021	By:	/s/ Wm. Gordon Prescott
		Wm. Gordon Prescott Executive Vice President and General Counsel

EX-99.1

EXHIBIT 99.1

 

Berkshire Hills Bancorp Announces Partnership with AI Lending Platform Upstart 

Berkshire Bank Will Offer AI Based Lending Solutions to Help More Consumers with their Financial Needs 

BOSTON, October 18, 2021- Berkshire Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire Bank, a socially responsible community-dedicated bank with branch locations in New England and New York, announced that the Bank has entered into a partnership with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending. 

Berkshire Bank will expand consumer lending options via a seamless, digital experience enabled by Upstart’s lending platform and the Upstart Referral Network. 

“We are excited to enter this partnership with Upstart,” said Nitin Mhatre, CEO of Berkshire Bank. “With an exceptional all-digital personal loan experience, it will make credit more accessible and aligns with our focus on reaching more people in our communities while helping grow our consumer lending business. It’s also the first of many programs to result directly from the ‘digitize’ pillar within Berkshire’s Exciting Strategic Transformation (BEST) plan.”  

Berkshire became an Upstart lending partner in August 2021 and will leverage Upstart’s AI lending platform for personal loans to make better and faster risk-based credit decisions and approve more creditworthy borrowers.  

“This partnership will help Berkshire grow our consumer loan portfolio,” said Ellen Steinfeld, EVP, Head of Consumer Lending and Payments. “With the predictive underwriting models and lower fraud rates delivered by the Upstart AI-based lending platform, Berkshire can deliver more inclusive lending options that ensure our neighbors and communities continue to thrive while delivering an enhanced customer experience.”  

Upstart partners with banks to deliver data-driven decisions through AI and enable broader distribution of lending options to borrowers of all backgrounds.  

“We started on this journey because credit is not just a cornerstone of our economy but a fundamental ingredient in the lives of Americans,” said Dave Girouard, Chief Executive Officer and Co-Founder of Upstart.  “For hundreds of years, credit has represented opportunity and mobility for those seeking what’s next in their lives. Whether it’s to learn a new skill, relocate to a

new city, start a new business, or buy a new home or car, the price of credit is the price of opportunity and mobility. It’s the price of what’s next.” 

ABOUT BERKSHIRE HILLS BANCORP  

Berkshire Hills Bancorp is the parent of Berkshire Bank, which is transforming what it means to bank its neighbors socially, humanly, and digitally to empower the financial potential of people, families, and businesses in its communities as it pursues its vision of being the leading socially responsible omnichannel community bank in the markets it serves. Berkshire Bank provides business and consumer banking, mortgage, wealth management, and investment services. Headquartered in Boston, Berkshire has approximately $11.7 billion in assets and operates 107 branch offices in New England and New York, and is a member of the Bloomberg Gender-Equality Index. To learn more, call 800-773-5601 or follow us on Facebook, Twitter, Instagram, and LinkedIn.

ABOUT UPSTART 

Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio. 

FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended. You can identify these statements from the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. There are many factors that could cause actual results to differ significantly from expectations described in the forward-looking statements. For a discussion of such factors, please see Berkshire’s most recent reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission and available on the SEC’s website at www.sec.gov. Accordingly, you should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire does not undertake any obligation to update forward-looking statements.

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Media Contact: 

Marc DeNofio AVP, Public Relations Officer Email: mdenofio@berkshirebank.com

Tel: (518) 322-5601 

Upstart Media Contact: 

Mike Nelson 

Email: mike.nelson@upstart.com

Investor Relations Contacts:Kevin Conn, SVP, Investor Relations & Corporate Development Email: KAConn@berkshirebank.com Tel: (617) 641-9206 

David Gonci, Capital Markets Director Email: dgonci@berkshirebank.com Tel: (413) 281-1973 

XML

Document and Entity Information	Oct. 18, 2021
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 18, 2021
Entity Registrant Name	BERKSHIRE HILLS BANCORP, INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-15781
Entity Tax Identification Number	04-3510455
Entity Address, Address Line One	60 State Street
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02109
City Area Code	800
Local Phone Number	773-5601
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001108134
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	BHLB
Security Exchange Name	NYSE