About Berkshire Bancorp

Berkshire Bancorp Inc. operates as the holding company for The Berkshire Bank that provides various banking products and services. The company serves high net worth individuals and small and mid-sized commercial businesses primarily in the New York City metropolitan area. The company’s main office and branch is in mid-town Manhattan. Loan Portfolio The company offers loans, such as commercial and industrial loans, and finance leases; secured by real estate loans, such as residential, multi-family, and commercial real estate and construction loans; and consumer loans. Deposits The company concentrates on obtaining deposits from various businesses, professionals, and retail customers. The company offers various deposit programs, including statement savings accounts, NOW accounts, money market deposit accounts, checking accounts, and certificates of deposit with terms from seven days to five years. Investment Securities As of December 31, 2020, the company’s investment securities were U.S. government agencies; SBA pool securities; mortgage-backed securities; domestic debt securities; foreign debt securities; marketable equity securities and other; and trust preferred securities. Regulation The company is a bank holding company registered under the Bank Holding Company Act of 1956. The Berkshire Bank is a New York State chartered commercial bank. The company and the bank are subject to the regulations of certain state and federal agencies, and accordingly, are periodically examined by related authorities. The company is required as a condition of membership in the Federal Home Loan Bank of New York (FHLB-NY) to maintain an investment in FHLB-NY common stock. History Berkshire Bancorp Inc. was founded in 1871.