Form 4: Brookline Bancorp COO Disposes Shares in Merger

Brookline Bancorp's Co-President and COO, Michael W. McCurdy, disposed of all his common stock holdings as part of the merger with Berkshire Hills Bancorp.

Summary

• Michael W. McCurdy, Co-President & COO of Brookline Bancorp Inc. (BRKL), reported a change in beneficial ownership.
• On September 1, 2025, McCurdy disposed of 83,357 shares of Brookline Bancorp common stock.
• This transaction occurred due to the Agreement and Plan of Merger with Berkshire Hills Bancorp, Inc.
• Each share of Brookline Bancorp common stock was converted into the right to receive 0.42 shares of Berkshire common stock plus cash for any fractional shares.
• Following this transaction, McCurdy beneficially owns 0 shares of Brookline Bancorp common stock.

Sentiment

Score: 7

Explanation: The filing reports the expected completion of a merger, which is a significant strategic event. While it marks the end of Brookline Bancorp as an independent entity, it represents the successful execution of a corporate strategy for both parties involved. The disposition of shares by an insider is a procedural outcome of this merger.

Positives

• The transaction is a result of a completed merger, indicating a strategic corporate event has finalized.
• The conversion of shares into Berkshire Hills Bancorp stock provides former Brookline Bancorp shareholders with equity in the acquiring entity.

Negatives

• The reporting person no longer holds direct beneficial ownership in Brookline Bancorp, as the company's shares were converted due to the merger.

Future Outlook

No specific forward-looking statements or guidance are provided regarding the combined entity's future performance or strategic direction.

Industry Context

This transaction reflects ongoing consolidation within the banking sector, where regional banks often merge to achieve economies of scale, expand market reach, or enhance competitive positioning. The merger of Brookline Bancorp into Berkshire Hills Bancorp is consistent with this trend of strategic consolidation.

Comparison to Industry Standards

• Mergers and acquisitions are common in the banking industry, particularly among regional banks, as they seek to optimize operations and expand their footprint.
• The share conversion ratio of 0.42 shares of Berkshire common stock per Brookline share is a specific deal term, comparable to other bank mergers which typically involve a mix of stock and cash consideration. For example, the acquisition of Sterling Bancorp by Webster Financial Corporation also included a fixed exchange ratio, demonstrating a common structure for such transactions.

Management Changes

Stakeholder Impact

• Shareholders: Former Brookline Bancorp shareholders received 0.42 shares of Berkshire common stock and cash for fractional shares, converting their investment into the acquiring entity.
• Employees: While not explicitly stated, the merger likely impacts the employment status and roles of Brookline Bancorp employees, including executives like Mr. McCurdy, as operations integrate.
• Customers: Customers of Brookline Bancorp will become customers of Berkshire Hills Bancorp, potentially experiencing changes in services, branding, or branch networks.

Key Dates

Keywords

Brookline Bancorp, BRKL, Berkshire Hills Bancorp, Merger, Acquisition, Stock Conversion, Form 4, Insider Transaction, Michael W. McCurdy, COO, Beneficial Ownership