November saw continued effects of the economic crisis, only this time it is Pittsfield's own Berkshire Bank.
In an article, Berkshire Bank has applied for $40 million from U.S. financial bailout, dated November 21, in the Berkshire Eagle, Tony Dobrowolski reported that President and CEO, Michael Daly said that "funding from the Troubled Asset Relief Program or TARP is available only to banks that are financially strong. Berkshire Bank had $333 million in capital during the third quarter and has posted record earnings this year...The idea of TARP has been to find the strongest banks they can to access additional capital. The stronger banks (then) can use their capital reserves to help weaker banks that may be looking for lending partners."
Dobrowolski also reported Daly's intentions should the federal application be accepted. The bank will invest the money while looking for loan opportunities.
According to Berkshire Bank's website, the bank has $2.5 billion dollars total assets, $781 million in assets under management, and 38 branches, and that it is the largest bank headquartered in Western Massachusetts. It is also heavily involved in business and communitiy activities in Pittsfield and Berkshire County.
To date this is the only western Massachusetts bank to take advantage of the Federal $700 billion bailout.
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