Berkshire Bank Forms Asset Based Lending Group for Northeast Middle Market Companies

Berkshire Hills Bancorp (BHLB) has recruited an experienced asset based lending group to serve middle market companies in New England and northeastern New York. This new lending group is part of the Commercial Banking Team at Berkshire Bank, America’s Most Exciting BankSM.

The Bank has appointed Paul F. Flynn, Jr. as Senior Vice President and Manager of Asset Based Lending. The Bank has also appointed Mark Foster as Senior Vice President and Jim Hickson as Vice President of Asset Based Lending. Collectively these individuals have 65 years experience in providing asset based and commercial lending solutions to the region. This team has been working together since 2002 under Mr. Flynn’s direction as the Asset Based Lending Department Manager at TD Bank, N.A, formerly known as Banknorth. Mr. Flynn will report to Michael J. Oleksak, Executive Vice President of Commercial Banking at Berkshire Bank.

Berkshire’s President and CEO, Michael P. Daly, stated, “Our expansion into asset based lending positions us to provide more financing solutions to our commercial customers in these challenging times, and to reach new customers in the region. We have steadily expanded our commercial team in recent quarters by recruiting strong and experienced regional leaders in northeastern New York, western Massachusetts, and southern Vermont. Berkshire Bank is strongly capitalized and well positioned to be a regional provider for the loan and deposit needs of our markets. While other lenders have cut back on lending, our business loans are currently growing at a double digit annualized rate and business deposits are growing at an even faster rate. Paul Flynn and his associates have a long track record of delivering disciplined solutions to the market that will result in sound and profitable relationships for the Bank.”

Berkshire’s Executive Vice President, Michael J. Oleksak, added, “I have worked with Messrs. Flynn, Foster, and Hickson in the past and know first hand their ability to provide responsible asset based lending solutions to area businesses. Their headquarters will be located in Greater Boston, which is the area they have operated from for many years; Mr. Hickson will be based in our new Springfield regional headquarters. The group will integrate with the rest of our commercial banking team to provide asset based lending solutions and commercial banking services across our multi-state markets. Their primary product offering will be working capital lines of credit secured by a closely monitored borrowing base of receivables and inventories.”

BACKGROUND

Berkshire Hills Bancorp is headquartered in Pittsfield, Massachusetts. It has $2.7 billion in assets and is the parent of Berkshire Bank — America’s Most Exciting BankSM. The Company provides personal and business banking, insurance, investment, and wealth management services through 46 financial centers in western Massachusetts, northeastern New York, and southern Vermont. Berkshire Bank provides 100% deposit insurance protection, regardless of amount, based on a combination of FDIC insurance and the Depositors Insurance Fund (DIF). For more information, visit www.berkshirebank.com or call 800-773-5601.

FORWARD LOOKING STATEMENTS

Statements in this news release regarding Berkshire Hills Bancorp that are not historical facts are “forward-looking statements.” These statements reflect management’s views of future events, and involve risks and uncertainties. For a discussion of factors that could cause actual results to differ materially from expectations, see “Forward Looking Statements” in the Company’s 2008 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at the Securities and Exchange Commission’s Internet website (www.sec.gov) and to which reference is hereby made. Actual future results may differ significantly from results discussed in these forward-looking statements, and undue reliance should not be placed on such statements. Except as required by law, the Company assumes no obligation to update any forward-looking statements.