Berkshire Bancorp
Berkshire Bancorp returned its bailout funds on Dec. 28, 2011
| Disbursed | $2,892,000 |
| Returned | $2,892,000 |
| Revenue to Gov't | $509,124 |
| Profit | $509,124 |
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Map: Corporate headquarters of Berkshire Bancorp.
Wyomissing,
Pa.
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As a result of the acquisition of Berkshire Bancorp, Inc. (the acquired company) by Customers Bancorp, Inc. (the acquiror), the preferred stock and exercised warrants issued by the acquired company on 6/12/2009 were exchanged for a like amount of securities of the acquiror plus accrued and previously unpaid dividends, pursuant to the terms of an agreement among Treasury, the acquired company and the acquiror entered into on 9/16/2011.
Events
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$145K Revenue
Dec. 28, 2011 Warrant Proceeds
Part of Capital Purchase ProgramMore info from www.treasury.gov -
$3M Payback
Dec. 28, 2011 Repayment
Part of Capital Purchase ProgramMore info from www.treasury.gov -
$218K Revenue
Sep. 19, 2011 Dividend - Cumulative
Part of Capital Purchase Program -
$39K Revenue
May 17, 2010 Dividends payment
Part of Capital Purchase Program -
$39K Revenue
Feb. 16, 2010 Dividends payment
Part of Capital Purchase Program -
$39K Revenue
Nov. 13, 2009 Dividends payment
Part of Capital Purchase Program -
$28K Revenue
Aug. 14, 2009 Dividends Paid in Aug. 2009
Part of Capital Purchase Program -
$3M Bailout
Jun. 12, 2009 Preferred Stock w/ Exercised Warrants
Part of Capital Purchase ProgramMore info from www.financialstability.gov
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 12/28/2011 | Refund | $2,892,000 | CPP | Repayment |
| 12/28/2011 | Warrant | $145,000 | CPP | Warrant Proceeds |
| 09/19/2011 | Dividend | $218,298 | CPP | Dividend - Cumulative |
| 05/17/2010 | Dividend | $39,413 | CPP | Dividends payment |
| 02/16/2010 | Dividend | $39,413 | CPP | Dividends payment |
| 11/13/2009 | Dividend | $39,413 | CPP | Dividends payment |
| 08/14/2009 | Dividend | $27,589 | CPP | Dividends Paid in Aug. 2009 |
| 06/12/2009 | Purchase | $2,892,000 | CPP | Preferred Stock w/ Exercised Warrants |
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