New York, NY based Berkshire Bancorp Inc. (“Berkshire”) has issued $60,000,000 of Non-Cumulative Mandatorily Convertible Perpetual Series A Preferred Stock.

Berkshire reported in a form 8-K filed September 17, 2008 that it expected to record a noncash, other-than-temporary impairment charge on its holdings of certain auction rate securities backed by preferred stock of FNMA and FHLMC, as well as direct investments in FNMA and FHLMC preferred stock.

Berkshire sold the Series A Preferred Stock to its chairman and majority stockholder, and two nonaffiliated investors for aggregate gross proceeds of $60 million, which reinstated the "well capitalized" status, for regulatory purposes, of its unit Berkshire Bank.

Curtis provided perspective on the current state of the market and a fairness opinion to the Board of Directors of Berkshire in connection with the transaction. Knowledge of and experience within the banking industry enabled Curtis to develop its opinion in a timely and efficient manner which provided useful transaction insights to the Berkshire Board of Directors during the fast paced transaction.