Berkshire Hills Bancorp has hired two new executives to lead its commercial banking and credit divisions, the latest reshuffling at the Boston-based bank.
James Brown, a former top executive at Boston Private Bank & Trust Company, which
The two newly hired executives, who are replacing retiring executives at the bank, are the latest leadership changes at a bank that's had no shortage of turnover at the top.
CEO Nitin Mhatre, who joined in 2021 from Webster Bank, was the fourth either permanent or interim CEO to head up the bank in as many years. Berkshire Hills' former chief financial officer, whom Mhatre hired shortly after joining, resigned in October. And the company's board has seen significant turnover in recent years.
In an interview Wednesday, Mhatre said Berkshire Hills is close to finding a new permanent CFO and that he's "very confident and proud of the team that we have."
"We're in a very, very good spot," Mhatre said. "I think we have an A-team here now ready to compete in the market."
Since joining two years ago, Mhatre has spearheaded an overhaul called Berkshire's Exciting Strategic Transformation, or BEST. The plan looks to improve customers' experience, strengthen the bank's impact on the community and drastically improve its profitability, which Mhatre said had been "struggling."
The bank's return on tangible common equity has jumped from 3.2% in fiscal year 2020 to 9.9% during the third quarter of 2022, according to an investor presentation in October. New figures will be released when the bank reports earnings on Jan. 26.
Brown replaced George Bacigalupo, who'd been heading up commercial banking operations since 2015. Bacigalupo, who will retire from the company at the end of the year, has transitioned to a role as director of commercial and enterprise sales management on Jan. 1. Brown will report to Mhatre.
Jurgeleit succeeded Chief Credit Officer Georgia Melas, who retired recently. He will report to the bank's chief risk officer, Greg Lindenmuth.
"In addition to welcoming Mr. Brown and Mr. Jurgeleit to their respective roles, I want to thank George and Georgia for their years of dedicated service to Berkshire, our customers and communities," Mhatre said.
Back in February 2021, HoldCo Asset Management, an activist investor,
Asked on Wednesday about whether a sale is in the cards, Mhatre said the bank is focused on delivering on its transformation goals and continuing its "really good momentum."
"Once we get to a point where we feel that we've reached our maximum potential, that's where we could think about talking to like-minded partners," Mhatre said, adding that the bank is "completely focused on organic growth and not looking at buying or selling."
Berkshire Hills, the parent company of Berkshire Bank, has seen its assets fall to $11.3 billion as of Sept. 30, down from $13.2 billion at the end of 2019. Its stock price closed down by about more than 5% on Wednesday.
