Business: Berkshire Bancorp, Inc. is a bank holding company. Berkshire's principal activity is the ownership and management of its indirect wholly owned subsidiary, The Berkshire Bank (the Bank), which is a State-chartered commercial bank. The Bank is owned through Berkshire's wholly owned subsidiary, Greater American Finance Group, Inc. The Bank's principal loan types are residential and commercial mortgage loans and commercial non-mortgage loans, both unsecured and secured by personal property. The Bank's revenues come principally from interest on loans and investment securities. The Bank's primary sources of funds are deposits, borrowings and proceeds from principal and interest payments on loans and investment securities. The Bank owns stock of the Federal Home Loan Bank of New York (FHLB-NY) which is necessary for it to be a member of the FHLB-NY.