Berkshire Hills Bancorp Inc. Elects Michael P. Daly President and CEO

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Berkshire Hills Bancorp Inc. Elects Michael P. Daly President and CEO James A. Cunningham, Jr. Resigns; Lawrence A. Bossidy Elected to Board of Directors Berkshire Hills Bancorp, Inc., the holding company for Berkshire Bank, today announced that Michael P. Daly, who currently is Executive Vice President, was elected President, Chief Executive Officer and Director of the Company and the Bank. James A. Cunningham, Jr., President, CEO and Director of the Company and the Bank announced his resignation effective immediately. Lawrence A. Bossidy, retired Chairman and CEO of Honeywell International, Inc., was elected as the Non-Executive Chairman of the Board of Directors. Robert A. Wells will continue as Chairman of the Company and the Bank and remain involved in the Company's management and helping to facilitate the transition. Michael P. Daly began his banking career with Bank of Boston and joined Berkshire County Savings Bank in 1986 as a commercial lender. He most recently served as Executive Vice President and Chief Lending Officer at Berkshire Bank with responsibilities within the business banking, operations, and commercial / retail lending areas. Mr. Daly expressed enthusiasm for the future of the Company and for maintaining the high quality of leadership that has become a tradition at Berkshire Bank. Michael P. Daly received his Bachelor of Science from Westfield State College and a Master of Business Administration from Columbia University School of Business. Mr. Daly has served on the boards of Downtown Pittsfield, Inc. as Co-Chairman of its Development Committee and the Chamber of Commerce of the Berkshires on its Economic Development Committee. He has also served as Chairman of the Berkshire County Cystic Fibrosis Foundation for many years. He is a past director of Robert Morris Associates, past Chairman of the Lanesboro Conservation Committee and member of the Finance Committee for the Town of Lanesboro. A life-long resident of Berkshire County, Mike and his wife Carol, live in Lanesboro with their two daughters. James A. Cunningham, Jr. joined the Bank in 1997 when Berkshire County Savings Bank merged with Great Barrington Savings Bank, where he had served as President and Chief Executive Officer since 1991. "I am pleased with what I have been able to contribute to the Bank. After 29 years in banking, I am looking forward to being able to spend more time with my family and on my personal interests," Mr. Cunningham stated. In connection with the resolution of the Company's obligation under his employment agreement, Mr. Cunningham and the Company have entered into a severance agreement which is expected to result in a one-time after tax charge to earnings of approximately $2.4 million in the fourth quarter and will obligate Mr. Cunningham to certain non-competition and other obligations. Also, elected to the Board of Directors today, Lawrence A. Bossidy will hold the title of Non-Executive Chairman of the Company. In that position he will act in an advisory capacity to the Company. "I am looking forward to my association with the Company and the Bank and to make a contribution to the Board especially during these executive changes," stated Bossidy. "I am very pleased to welcome Larry Bossidy to our Board. His corporate governance and business skills brings oversight and management strength to our Board," added Wells. Mr. Bossidy, a native of Pittsfield, is the retired Chairman of the Board and CEO of Honeywell International, Inc., a global $23-billion advanced technology, controls and manufacturing company. His distinguished business career began with the General Electric Company in 1957, where he rose through the ranks to Vice Chairman and Executive Officer. Mr. Bossidy left GE in 1991 to join AlliedSignal Inc. as its Chairman and CEO. He is credited with transforming AlliedSignal into one of the world's most admired companies. In 1999, Mr. Bossidy became Chairman of Honeywell International Inc., following the historic merger of AlliedSignal and Honeywell. He retired in April of 2000 only to be brought back in July 2001 to stabilize the company following GE's prolonged and unsuccessful attempt to acquire Honeywell. Berkshire Hills Bancorp, Inc., is the holding company for Berkshire Bank established in 1846. Berkshire Bank is one of Massachusetts' oldest and largest independent banks and is the largest banking institution based in Western Massachusetts. The Bank is headquartered in Pittsfield, Massachusetts with 11 full service offices serving communities throughout Berkshire County. The Bank is committed to continuing to operate as an independent bank, delivering exceptional customer service and a broad array of competitively priced retail and commercial products to customers.
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Macksey Updates on Eagle Street Demo and Myriad City Projects

By Tammy DanielsiBerkshires Staff

The back of Moderne Studio in late January. The mayor said the city had begun planning for its removal if the owner could not address the problems. 
NORTH ADAMS, Mass. — The Moderne Studio building is coming down brick by brick on Eagle Street on the city's dime. 
 
Concerns over the failing structure's proximity to its neighbor — just a few feet — means the demolition underway is taking far longer than usual. It's also been delayed somewhat because of recent high winds and weather. 
 
The city had been making plans for the demolition a month ago because of the deterioration of the building, Mayor Jennifer Macksey told the City Council on Tuesday. The project was accelerated after the back of the 150-year-old structure collapsed on March 5
 
Initial estimates for demolition had been $190,000 to $210,000 and included asbestos removal. Those concerns have since been set aside after testing and the mayor believes that the demolition will be lower because it is not a hazardous site.
 
"We also had a lot of contractors who came to look at it for us to not want to touch it because of the proximity to the next building," she said. "Unfortunately time ran out on that property and we did have the building failure. 
 
"And it's an unfortunate situation. I think most of us who have lived here our whole lives and had our pictures taken there and remember being in the window so, you know, we were really hoping the building could be safe."
 
Macksey said the city had tried working with the owner, who could not find a contractor to demolish the building, "so we found one for him."
 
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