This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Beacon Federal Bancorp, Inc. Announces 2nd Quarter 2012 Earnings

EAST SYRACUSE, N.Y., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Beacon Federal Bancorp, Inc. (the "Company") (Nasdaq:BFED), the holding company for Beacon Federal (the "Bank"), announced today net income for the quarter ended June 30, 2012 of $666,000, or $0.11 per diluted share, compared to $1.7 million, or $0.28 per diluted share for the quarter ended June 30, 2011.

For the six months ended June 30, 2012, net income was $1.9 million, or $0.32 per diluted share, compared to $3.3 million, or $0.52 per diluted share, for the same period in the prior year.

Ross J. Prossner, President and CEO of the Company said, "Due in part to the continuing strained economic conditions in our markets combined with the slowing of commercial lending opportunities, earnings results were not as strong as projected. We continue to improve our cost of funds and beginning in June a portion of our high priced borrowings matured."

On May 31, 2012, Beacon Federal Bancorp, Inc. (the "Company" or "Beacon Federal Bancorp") and Berkshire Hills Bancorp, Inc. ("Berkshire" or "Berkshire Hills Bancorp") jointly announced the execution of a definitive agreement whereby Berkshire will acquire Beacon Federal Bancorp in a 50% stock and 50% cash transaction. As a result of the merger, Beacon Federal Bancorp's shareholders will have the right to elect to receive $20.50 in cash or 0.9200 shares of Berkshire Hills Bancorp common stock in exchange for each outstanding share of Beacon Federal Bancorp, as outlined above. The transaction is expected to be completed during the fourth quarter of 2012, subject to the receipt of regulatory approvals and approval by the shareholders of Beacon Federal Bancorp.

Prossner states, "Our team continues to work towards the previously announced acquisition planned for the fourth quarter of Beacon Federal by Berkshire Hills Bank and the value that the transaction represents to our shareholders."

1 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,011.94 -28.43 -0.16%
S&P 500 2,109.60 -2.13 -0.10%
NASDAQ 5,076.5240 -6.4050 -0.13%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs