TBB Investments LLC and TBB Intermediate LLC agreed to acquire 7.3% stake in Berkshire Bancorp Inc. (OTCPK:BERK) on January 7, 2022. The consideration will be paid in cash. TBB Investments LLC and TBB Intermediate will thereby indirectly acquire Berkshire Bank, all of New York, New York. In addition, TBB Intermediate LLC, to merge with and into Berkshire Bancorp, Inc. The transaction is subject to approval by Federal Reserve Bank of New York. TBB Investments LLC and TBB Intermediate would be owned by Moses Marx, members of his family and certain family entities, each of whom currently owns Berkshire shares. If the transaction is consummated, the Marx family investors would acquire the approximately 7.3% of issued and outstanding Berkshire shares held by shareholders other than the Marx family investors. As of September 12, 2022, the transaction been approved by the Federal Reserve Bank of New York and the New York State Department of Financial Services.

TBB Investments LLC and TBB Intermediate LLC completed the acquisition of 7.3% stake in Berkshire Bancorp Inc. (OTCPK:BERK) on October 26, 2022.