Pittsfield,Mass.-based BerkshireBank completed its asset acquisition with Sewell, N.J.-based and its majority-owned subsidiary,44 Business Capital.
BerkshireBank acquired the business model of 44 Business Capital and certain otherassets of Parke Bank's small business administration loan operations. Accordingly,44 Business Capital will now operate as a direct small business lendingdivision of Berkshire.
BerkshireBank disclosed in a May 10 filing of its Form 10-Q that the acquisition wascompleted for an aggregate of cash and stock consideration of $57.0 million and$1.2 million, respectively. Approximately 45,000 shares, representing theaggregate stock consideration, were issued to the four principals of a memberentity of 44 Business Capital.
44 BusinessCapital's entire team also joined Berkshire Bank as part of the deal.
Berkshirebank is a unit of Berkshire HillsBancorp Inc. Parke Bank is a subsidiary of