44 Business Capital, LLC announced the signing of an asset purchase agreement with Berkshire Bank and Parke Bank under which Berkshire will acquire the business model of 44 Business Capital and certain other assets of Parke Bank's SBA 7(a) loan program operations. As part of the agreement, 44 Business Capital's entire team, along with its leadership, Greg Poehlmann, Phil Rapone Jeff Sherry, and Joe Dreyer will join Berkshire.

“Parke Bank has been a great partner over the past 6+ years. We’ve accomplished great things together.” stated Greg Poehlmann, 44 Business Capital President. “As 44 Business Capital becomes part of Berkshire Bank, we will be able 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,” continued Poehlmann. “On behalf of my partners and the 44 Business Capital staff, we’d like to thank Parke Bank, its employees and its Board of Directors for our partnership over the past six years and allowing us to leverage our collective experience to deliver the mission of the U.S. Small Business Administration. We are extremely excited to become part of Berkshire Bank, America’s Most Exciting Bank ®, and look forward to establishing ourselves collectively as a major player in the SBA lending market, both regionally and nationally.”

The transaction is subject to receipt of required governmental approvals and is expected to be completed during the first quarter of 2016. Houlihan Lokey served as exclusive financial advisor to 44 Business Capital in connection with this transaction and Blank Rome and Cooper Levenson served as outside counsel. Luse Gorman, P.C. served as outside counsel to Berkshire.

44 Business Capital provides SBA Loan Assistance to Small Businesses in Philadelphia, Pennsylvania, New Jersey, Delaware, Baltimore MD, Northern VA, and Washington DC.