Berkshire Bank has completed its asset purchase transaction with 44 Business Capital, LLC of Blue Bell, Pennsylvania, and Parke Bank of Sewell, New Jersey, under which Berkshire Bank has acquired the business model of 44 Business Capital and certain other assets of Parke Bank’s Small Business Administration (SBA) 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 has consistently been one of the top SBA originators and a market leading provider and facilitator of SBA guaranteed loans to small businesses in Pennsylvania, New Jersey, Delaware, Maryland, Northern VA, and Washington DC. 44 Business Capital's entire team, along with its leadership, Greg Poehlmann, Phil Rapone, Jeff Sherry, and Joe Dreyer has joined Berkshire Bank.
“We are pleased to welcome the employees and customers of 44 Business Capital to America’s Most Exciting Bank®,” stated Berkshire CEO, Michael Daly. “This combination increases the client offerings for both companies, diversifies our loan portfolio and provides a valuable future growth channel.”
“As a division of Berkshire Bank, 44 Business Capital will continue to leverage our staff’s national experience to build out an exceptional SBA lending platform that will serve the SBA’s mission on a larger scale,” stated Greg Poehlmann, Senior Vice President of Business Banking for Berkshire Bank and former President of 44 Business Capital, LLC. We are extremely excited to become part of Berkshire Bank, and look forward to establishing ourselves collectively as a major player in the SBA lending market, both regionally and nationally.”
For over 20 years, the principals of 44 Business Capital have provided financing solutions to hundreds of businesses in a variety of industries.
Berkshire Hills Bancorp is the parent of Berkshire Bank – America's Most Exciting Bank®. The Company has over $7.8 billion in assets and 93 full-service branch offices in Massachusetts, New York, Connecticut, and Vermont providing personal and business banking, insurance, and wealth management services.