Business Briefs: 44 Business Capital becomes division of Berkshire Bank

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PITTSFIELD
44 Business Capital becomes division of Berkshire Bank

Berkshire Bank has completed its asset purchase transaction with 44 Business Capital of Pennsylvania and Parke Bank of New Jersey.

Under the terms of the transaction, Berkshire has acquired the business model of 44 Business Capital and certain other assets of Parke Bank's U.S. Small Business Administration 7(a) loan program operations.

44 Business Capital is now operating as a direct small business lending division of Berkshire Bank reporting up through the bank's already established small business line of business, and originating SBA loans for Berkshire Bank. 44 Business Capital's entire team, along with its leadership, have joined Berkshire Bank.

Berkshire signed the asset purchase agreement in November. The transaction was subject to the required regulatory approvals.

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