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Berkshire Hills' board proposes doubling of authorized stock

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Berkshire Hills' board proposes doubling of authorized stock

The board of Berkshire Hills Bancorp Inc. is asking shareholders to approve an increase in the company's authorized common and preferred stock.

It proposes to double the number of authorized common shares to 100.0 million from 50.0 million and to double the number of authorized preferred shares to 2.0 million from 1.0 million. In recommending the increase, Berkshire's board noted the company's strategy of growth through acquisition. It has acquired seven banks since 2011 — the same year it last requested an increase in authorized shares.

Shareholders will vote on the proposal at the May 17 annual meeting.

Berkshire Hills also reported a 2017 CEO pay ratio of 65 to 1. It had paid President and CEO Michael Daly $3.5 million in total compensation that year. The median compensation for all other employees was $54,599.

Pittsfield, Mass.-based Berkshire Hills Bancorp is the $11.57 billion-asset holding company of Berkshire Bank.