Berkshire Bancorp Inc. Reports Receipt of Bank Regulators' Approvals for Potential Acquisition by Controlling Stockholder of 100% of Outstanding Berkshire Bancorp Common Stock

NEW YORK, Sept. 12, 2022 /PRNewswire/ -- Berkshire Bancorp Inc. ( OTCQB: BERK) reported today that the New York State Department of Financial Services has approved the previously disclosed application submitted by TBB Investments LLC ("TBB Investments"), an entity formed by certain individuals and entities that collectively own more than 90% of the common stock of BERK, to acquire ownership of 100% of the outstanding common stock of BERK through a merger of a wholly-owned subsidiary of TBB Investments with and into BERK.  The potential acquisition had previously been approved by the Federal Reserve Bank of New York and the approval by New York's Department of Financial Services was the last remaining regulatory approval needed to allow TBB Investments to proceed with the potential transaction.

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