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The $5.7 billion-asset company said Monday that it had promoted Josephine Iannelli as its CFO, effective immediately. Iannelli, 41, had been the companys principal accounting officer since July.
January 27 -
Warren Buffett's Berkshire Hathaway increased its stakes in U.S. Bancorp (USB) and Bank of New York Mellon (BK) during the second quarter.
November 27
Berkshire Hills Bancorp (BHLB) in Pittsfield, Mass., has terminated all of its interest rate swaps associated with Federal Home Loan Bank advances through the end of last year.
The swaps had a total value of $410 million, the $5.7 billion-asset company said in a regulatory filing. The move was tied to the reduction of FHLB advances as a result of Berkshire Hills
Berkshire Hills
Berkshire said it had initiated new forward starting interest rate swaps with a notional amount of $300 million in relation to rolling FHLB one-month fixed rate term advances. This new rate will start in the first half of 2016 and mature three years later.
Berkshire said it expects the changes in its deposits, borrowings and interest rate swaps will have a positive effect on its net interest margin and net interest income should interest rates rise.