Berkshire Hills sells $46.5M Upstart loans at loss; completes sale of 10 NY branches

Beacon Financial Corp

Upstart loan sale: $46.5M book value sold at 96%, net charge-off $1.9M.
Remaining Upstart loans ~$10M (11 bps of total loans at June 30, 2024).
Branch sale: $383M deposits & $50M loans transferred; 40 employees offered jobs by buyers.
Expected pre-tax non-operating income of ~$16M ($12M after-tax) from branch sale in Q3.
Branch network reduced to 83 offices in New England and New York.

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