Joseph P. Richardson Named by Berkshire Bank as Its Director of Business Development for New York

Berkshire Hills Bancorp, Inc. (the "Company") (NASDAQ: BHLB), the holding company for Berkshire Bank (the "Bank"), today announced the hiring of veteran Albany commercial banker, and well-known business leader, Joseph P. Richardson as its Director of Business Development-New York Region. In his new capacity, Mr. Richardson will report to Thomas C. Crowley, President-New York Region.

Mr. Richardson was most recently the Director of Economic Development for the Albany-Colonie Regional Chamber of Commerce. Before that he worked for 41 years in commercial banking. His banking career began in 1963 with State Bank of Albany, which eventually became Fleet Bank of New York, where he was responsible for the statewide specialized lending group. In 1993, he joined the Albany Savings Bank (Albank) as Senior Vice President of Commercial Banking, which was later acquired by Charter One, which was acquired in 2004 by Citizens Bank, NA.

Mr. Richardson is a trustee of St. Lawrence University, a trustee of WMHT Educational Telecommunications, and a director of the Albany-Tula Alliance. He is also the former chair of the Albany-Colony Regional Chamber of Commerce board of directors, a former vice chair of the town of Bethlehem Industrial Development Agency, a former president of the Upstate New York/Vermont chapter of the Leukemia Society, a former President of the Empire chapter of Robert Morris Associates and a founding director and first President of Capital Affordable Housing Partnership.

Mr. Richardson holds a graduate degree from Stonier Graduate School of Banking at Rutgers University and a BA in economics from St. Lawrence University.

Mr. Richardson's office is located at the Bank's New York regional headquarters at 41 State Street in downtown Albany and he can be reached by calling 432-0374. In addition to Mr. Crowley, he will join Bruce C. Peck and Kenneth J. Cartledge, both Vice Presidents and Commercial Loan Officers.

Thomas C. Crowley, the Bank's Regional President stated, "Joe Richardson brings to Berkshire Bank a wealth of sophisticated knowledge and experience which makes him a highly valued addition to our local team of highly experienced and knowledgeable bankers right here in Albany. Each will have the authority to make decisions locally."

Commenting on his new role at Berkshire Bank, Mr. Richardson added, "I'm looking forward to continuing my work with businesses in our region to support the Tech Valley initiative. Berkshire Bank is affording me the opportunity to return to relationship banking."

Berkshire Hills Bancorp, Inc. is the holding company for Berkshire Bank. Established in 1846, Berkshire Bank is one of Massachusetts' oldest and largest independent banks and the largest banking institution based in Western Massachusetts. The Bank is headquartered in Pittsfield, Massachusetts, with branch offices serving communities throughout Western Massachusetts and Northeastern New York. The Bank is committed to operating as an independent super community bank, delivering exceptional customer service, and offering a broad array of competitively priced retail and commercial products to its customers.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.