Commonwealth Nat'l Buyer To Raise $30M For Acquisitions
Pittsfield-based Berkshire Hills Bancorp Inc., which is set to buy Worcester's Commonwealth National Bank for $19.5 million later this year, has made a public offering of $30 million in common stock.
The offering is a drawdown on a U.S. Securities and Exchange Commission shelf registration the company filed in 2006. A shelf registration allows companies to make all the necessary preparations for an offering in advance of the offering itself so that when an opportunity arises, the offering can be made quickly.
Berkshire said it would use the proceeds from the offering for general corporate purposes, including "opportunistic acquisition-based growth." The company said it is pursuing growth opportunities in many of its business lines.
To read more about Berkshire's purchase of Commonwealth National, click here.
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