44 Business Capital Becomes Division of Berkshire Bank
PITTSFIELD — Berkshire Bank completed its asset purchase transaction with 44 Business Capital, LLC of Blue Bell, Pa., and Parke Bank of Sewell, N.J., 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, 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 Virginia, and Washington, D.C. 44 Business Capital’s entire team, along with its leadership — Greg Poehlmann, Phil Rapone, Jeff Sherry, and Joe Dreyer — have joined Berkshire Bank.
“We are pleased to welcome the employees and customers of 44 Business Capital,” said Berkshire Bank CEO Michael Daly. “This combination increases the client offerings for both companies, diversifies our loan portfolio, and provides a valuable future growth channel.”
Added Poehlmann, senior vice president of Business Banking for Berkshire Bank and former president of 44 Business Capital, LLC, “as a division of Berkshire Bank, 44 Business Capital will continue to leverage our staff’s experience to build out an exceptional SBA lending platform that will serve the SBA’s mission on a larger scale. 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.”