Berkshire Bank recently signed an asset purchase agreement with 44 Business Capital LLC and its majority shareholder Parke Bank, allowing it to acquire the business model of 44 Business Capital and certain other assets of Parke Bank’s SBA 7(a) loan program operations.

Pennsylvania-based 44 Business Capital was founded in 2009 as a joint venture with New Jersey-based Parke Bank to originate, service and sell SBA loans in the Mid-Atlantic region.

As part of the agreement, 44 Business Capital’s entire team, including its leadership – Greg Poehlmann, Phil Rapone, Jeff Sherry and Joe Dreyer – will join Berkshire.

“We are excited to have the team from 44 Business Capital join the Berkshire family,” Michael P. Daly, Berkshire’s CEO, said in a statement. “The group has established a strong track record and reputation for small business lending and this partnership complements our existing SBA program extremely well. The combined operation diversifies and expands our SBA focused reach while leveraging our traditional small business and Firestone platforms.”

The transaction is expected to be completed during the first quarter of 2016.