Recent Updates — BBT

Beacon Financial Corporation reported net income of $61.2 million, or $0.73 per share, for the third quarter ended September 30, 2026, compared to a loss of $(4.2) million in the prior-year period. The company also announced an increase in its stock repurchase authorization by $75 million, bringing the total plan to $125 million. Additionally, the Board approved a regular quarterly dividend of $0.3225 per share, payable on November 20, 2026, to shareholders of record on November 6, 2026. Beacon Financial Corporation is a regional bank holding company serving the Northeast with $21.9 billion in assets.

John M. Pereira resigned from the boards of directors of Beacon Financial Corporation and its wholly owned subsidiary, Beacon Bank & Trust, effective September 30, 2026. The company operates in the financial services industry.

Beacon Financial Corporation announced that Paul A. Perrault will retire as President and Chief Executive Officer of the Company and its subsidiary, Beacon Bank & Trust, effective September 21, 2026. Concurrently, the board appointed Sean A. Gray, currently serving as Chief Operating Officer, to succeed Mr. Perrault in both executive and director roles. Mr. Perrault will provide consulting services for twelve months following his retirement under a new agreement that includes a monthly fee of $120,000, payment of his 2026 annual bonus based on actual performance, and continuation of certain benefits. This leadership transition follows the merger between Brookline Bancorp, Inc. and Berkshire Hills Bancorp, Inc., which created Beacon Financial Corporation in 2025. The company operates as a regional bank holding company providing commercial, retail, and wealth management services.

Beacon Financial Corporation completed the issuance and sale of $175 million in aggregate principal amount of 6.25% Fixed-to-Floating Rate Subordinated Notes due 2036 on August 20, 2026. The company estimates net proceeds of approximately $171.8 million after deducting underwriting discounts and offering expenses. These funds are intended to redeem the outstanding $75 million aggregate principal amount of 6.0% Fixed-to-Floating Rate Subordinated Notes due 2029, which were assumed from Brookline Bancorp, Inc., plus accrued interest. The redemption of the 2029 Notes is scheduled for September 15, 2026, at a price equal to 100% of the principal amount plus accrued and unpaid interest. Beacon Financial Corporation operates in the banking industry as a financial holding company.