Berkshire Hills Bancorp in Pittsfield, Mass., said Wednesday that it lost $4.6 million in the second quarter, primarily because of an $8.6 million charge it took for the previously announced termination of its employee stock ownership program.
Without the charge, the $2.1 billion-asset thrift holding company said it would have earned $3.5 million, or 40% more than it reported for the second quarter of last year.
It attributed the increase in core net income largely to its June 1 acquisition of Woronoco Bancorp in Westfield - a deal that nearly doubled its assets - and to an 18% increase in net loan originations.
Berkshire Hills, the parent of Berkshire Bank, also said it is close to obtaining approval for a new bank, Berkshire Municipal Bank, that would let the company accept municipal deposits in New York. Under New York law, thrifts cannot accept public deposits.
