Form 4: Brookline Bancorp Director Converts Shares in Merger

Bogdan Nowak, a director of Brookline Bancorp, reported the conversion of his common stock holdings into Berkshire Hills Bancorp shares following a merger.

Summary

• Bogdan Nowak, a director of Brookline Bancorp, Inc. (BRKL), reported changes in his beneficial ownership of common stock.
• The changes occurred on September 1, 2025, pursuant to the Agreement and Plan of Merger between Berkshire Hills Bancorp, Inc. (Berkshire), Commerce Acquisition Sub, Inc., and Brookline Bancorp, Inc.
• Each share of Brookline Bancorp common stock was converted into the right to receive 0.42 shares of Berkshire common stock.
• Cash was received in lieu of any fractional shares of Berkshire common stock.
• Mr. Nowak disposed of 245,726.712 shares directly owned and 255,567.73 shares directly owned, resulting in 0 shares directly owned following the transaction.
• He also disposed of 22,328 shares indirectly owned through Sydenham Corporation, resulting in 0 shares indirectly owned following the transaction.

Sentiment

Score: 5

Explanation: The filing is a factual report of a mandatory transaction (share conversion due to merger) and does not contain information that would significantly alter the sentiment towards the company beyond what was already known from the merger announcement.

Positives

• The successful completion of the merger provides strategic clarity for the combined entity and its shareholders.
• The transaction ensures a clear conversion mechanism for Brookline Bancorp shareholders into Berkshire Hills Bancorp equity.

Future Outlook

The filing reports a completed transaction and does not provide forward-looking statements or guidance regarding the combined entity's future performance.

Industry Context

This filing reflects the completion of a consolidation event within the banking sector, where Brookline Bancorp has been acquired by Berkshire Hills Bancorp. Such mergers are common strategies for regional banks to achieve scale, enhance market presence, and potentially realize cost synergies.

Stakeholder Impact

• Shareholders of Brookline Bancorp, including director Bogdan Nowak, have had their shares converted into Berkshire Hills Bancorp common stock and cash for fractional shares, effectively becoming shareholders of the acquiring entity.

Key Dates

Keywords

Form 4, Insider Transaction, Merger, Brookline Bancorp, BRKL, Berkshire Hills Bancorp, Share Conversion, Director Holdings, Beneficial Ownership