On March 25, 2013, Steven Rosenberg, President, Chief Executive Officer and Chief Financial Officer of Berkshire Bancorp Inc. informed the Board of Directors that he will retire effective March 31, 2013. In connection with such retirement Mr. Rosenberg has resigned from all positions he holds with the company, including as a member of its Board of Directors and as a Director of its wholly-owned subsidiary, The Berkshire Bank, effective March 31, 2013. On March 25, 2013, the Board of Directors appointed Dr. Joseph Fink as President, Chief Executive Officer and Chief Financial Officer of the company and elected Dr. Fink to fill the vacancy on the Board created by Mr. Rosenberg's resignation, all effective as of the effectiveness of Mr. Rosenberg's resignation.

Dr. Fink, 55, has been a private investor for the past 28 years. During such time, Dr. Fink has also been employed part time as a periodontist. Dr. Fink has served as a Director of the Bank since 2003.