Form 4: Director Converts Brookline Bancorp Shares in Merger

Brookline Bancorp Director Joanne B. Chang converted 24,866 shares of common stock into Berkshire Hills Bancorp shares as part of a merger agreement.

Summary

• Joanne B. Chang, a Director of Brookline Bancorp Inc. (BRKL), reported a change in beneficial ownership.
• On September 1, 2025, Ms. Chang disposed of 24,866 shares of Brookline Bancorp common stock.
• This disposition was a direct result of the Agreement and Plan of Merger between Brookline Bancorp, Inc. and Berkshire Hills Bancorp, Inc. (Berkshire).
• Each share of Brookline Bancorp common stock was converted into the right to receive 0.42 shares of Berkshire common stock, plus cash in lieu of any fractional shares.
• Following this transaction, Ms. Chang beneficially owns 0 shares of Brookline Bancorp common stock directly.

Sentiment

Score: 5

Explanation: Neutral, as the filing reports a mandatory share conversion due to a pre-announced merger, which is an administrative step rather than a discretionary investment decision or a reflection of new company performance.

Positives

• The transaction represents the successful execution of a pre-announced merger agreement, indicating the completion of a strategic corporate action.

Negatives

• No specific negative aspects are reported for the reporting person in this Form 4, as the transaction is a mandatory conversion due to a merger.

Future Outlook

The filing does not contain forward-looking statements or guidance, as it is a report of a completed insider transaction.

Industry Context

This filing reflects the final stages of a significant merger within the banking sector, where Brookline Bancorp, Inc. was acquired by Berkshire Hills Bancorp, Inc. Such mergers are common in the financial industry as institutions seek to achieve economies of scale, expand market reach, and enhance shareholder value.

Stakeholder Impact

• Shareholders of Brookline Bancorp, Inc. have had their shares converted into Berkshire Hills Bancorp, Inc. shares and cash, completing their investment transition.
• The reporting person, Joanne B. Chang, as a Director, has completed the required conversion of her holdings in the acquired entity.

Key Dates

Keywords

Brookline Bancorp, BRKL, Berkshire Hills Bancorp, Merger, Share Conversion, Insider Transaction, Form 4, Director Holdings, Banking Industry