Berkshire Bank to Provide Support and Financial Flexibility to Customers Impacted by the COVID-19

Berkshire Bank Outlines Steps to Provide Support and Additional Financial Flexibility to Customers Potentially Impacted by the COVID-19 Pandemic​

BOSTON, MA – March 16, 2020 – Berkshire Bank today announced programs to provide additional financial flexibility to customers who may face financial hardship due to the economic impact of the COVID-19 virus.  Effective Wednesday, March 18th for an initial 30-day period, Berkshire Bank is offering the following enhancements to all of its customers: 
 

Retail Banking,
Consumer Loan and
Mortgage Customers
  • Increased daily debit card spending limits
  • Waived penalties for early CD withdrawals up to $20,000
  • Option to forbear consumer and mortgage loan payments for one to three months
Small Business Customers
  • Increased daily debit card spending limits
  • Waived penalties for early CD withdrawals up to $20,000
  • Ability to leverage specific options for consideration to forebear their loan
 
“We understand that COVID-19 and the necessary precautions we are all taking to prevent its spread have begun to impact members of our community in meaningful ways,” said Richard Marotta, Chief Executive Officer of Berkshire Bank.  “In addition to these initial steps to provide our customers financial flexibility, we will continue to explore additional ways to support our customers and neighbors during this difficult time.  As a committed member of our community, we understand how essential it is that we all work together at this time.”
 
Berkshire Bank is actively engaging with partners like the Massachusetts LGBTQ Chamber and the Black Economic Council of MA, among others, to provide funding assistance to small businesses that are most impacted by the financial implications of the pandemic.  “We are exploring ways to provide a unique selection of low-interest rate solutions underwritten by our community partners.  We intend to set aside $3 million in available capital to support this effort,” said Marotta.
 
In addition, Berkshire Bank Foundation has earmarked an incremental $500,000 for small business grants to help businesses that do not have the ability to pay.  “We look forward to working with the Berkshire Bank Foundation and the Foundation for Business Equity, among others, to make these dollars available to those who need them most in the communities we serve and to sharing more details about these programs in the short term,” said Malia Lazu, Executive Vice President, Chief Experience and Culture Officer of Berkshire Bank.
 
Berkshire Bank understands there will be situations where customers find themselves or their businesses facing financial difficulties that are unique to them.  In those scenarios where hardship is not relieved by the above options, the Bank asks customers to reach out to further discuss how the Bank may be of assistance.
 
Berkshire Bank customers can connect with the Bank in the following ways:
 

 
 
ABOUT BERKSHIRE BANK
 
Berkshire Bank is transforming into a 21st century community bank with $13.2 billion in assets. We are pursuing purpose driven performance based on our Be FIRST corporate responsibility culture.  
 
Headquartered in Boston, Berkshire Bank provides business and consumer banking, mortgage, wealth management, investment and insurance services through 130 branch offices in New York, Connecticut, Vermont, New Jersey, Pennsylvania, Rhode Island and Massachusetts, including Commerce Bank, a division of Berkshire Bank. Berkshire Bank was awarded the Top Corporate Steward Citizen award by the US Chamber of Commerce Foundation in 2019Berkshire Hills Bancorp (NYSE: BHLB) is the parent of Berkshire Bank. To learn more, visit www.berkshirebank.com, call 800- 773-5601 or follow us on: Facebook, Twitter, Instagram and, LinkedIn.”
 
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Press Enquiries:
Email: Berkshire@gagnierfc.com