Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): January 22, 2009
Berkshire
Bancorp Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
(State or other
jurisdiction
of
incorporation)
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01-13649
(Commission
File Number)
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94-2563513
(IRS
Employer
Identification
No.)
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160
Broadway, New York, New York 10038
(Address
of principal executive offices and zip code)
Registrant’s
telephone number, including area code: (212) 791-5362
NOT
APPLICABLE
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
5.02 Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On
January 22, 2009, the Board of Directors (the “Board”) of Berkshire Bancorp Inc.
(the “Company”), upon the determination and recommendation of the independent
members of the Board, approved the granting of bonuses for the 2008 fiscal year
to Messrs. Steven Rosenberg, President and CEO of the Company, Moses Krausz,
President and CEO of the Company’s wholly-owned subsidiary, The Berkshire Bank
(the “Bank”), and David Lukens, Executive Vice President and CFO of the Bank, in
the amounts of $30,000, $150,000 and $30,000 respectively, and set the salary of
Mr. Rosenberg for the 2009 fiscal year at $241,500.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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BERKSHIRE
BANCORP INC.
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By:
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/s/
Steven Rosenberg
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Steven
Rosenberg
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President
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Dated: January
23, 2009
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