Berkshire Bank Takes $12M Hit from Loan Default
A defaulted loan that has been linked to the collapse of a New York State payroll firm will reduce Berkshire Bank’s third quarter earnings by $12 million, according to an SEC filing.
A defaulted loan that has been linked to the collapse of a New York State payroll firm will reduce Berkshire Bank’s third quarter earnings by $12 million, according to an SEC filing.
An analyst covering Berkshire Hills Bancorp expects the company to remain well-capitalized despite Berkshire Bank’s exposure to a $16 million loan default, according to a recent research report.
Berkshire Bank is facing $16 million in exposure to a “potentially fraudulent activity” by one of its commercial loan customers.