Berkshire Hills (BHL) Buy Addendum Message Board

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Non-Tech : Berkshire Hills (BHL) Buy Addendum

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To: drsterling who started this subject	11/9/2000 1:12:34 PM
From: drsterling	of 3

The reason why I like Berkshire Hills Bancorp, (BHL) stems from my interest in its industry, the mutual bank conversion industry which I have been following for 12 years. Converted mutual banks go through cycles in valuation. The Index of Converted Mutual Savings Banks has appreciated 32.87% in 2000 whereas the major indexes have fared poorly this year. Berkshire Hills Bancorp is selling at a low Price to Book ratio, 77%, whereas the median for Massachusetts thrifts is 108%. In addition, it’s the premier thrift in Western Massachusetts, having the largest market share. I talk regularly to its President, Mr. Cunningham who assures me that the bank will buy back shares after the 6-month anniversary of its IPO date which will be on 12/28/2000. The reason I quoted the report from Friedman Billings Ramsey is that I know the analysts personally and trust their recommendations.

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