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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
AMENDMENT NO. 1 TO FORM 10-K
[x] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended OCTOBER 31, 1999
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number 0-13649
BERKSHIRE BANCORP INC.
(Exact name of registrant as specified in its charter)
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<S> <C>
DELAWARE 94-2563513
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification number)
160 BROADWAY, NEW YORK, NEW YORK 10038
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (212) 791-5362
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act:
COMMON STOCK, PAR VALUE $.10 PER SHARE
(Title of Class)
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
Aggregate market value of voting (common) stock held by non-affiliates of the
Registrant as of January 18, 2000: $34,847,173.
Number of shares of Common Stock outstanding as of January 18, 2000: 2,127,265.
DOCUMENTS INCORPORATED BY REFERENCE:
None
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The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934 on Form 10-K
for the fiscal year ended October 31, 1999, as set forth in the pages
attached hereto:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Consolidated Balance Sheets.
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BERKSHIRE BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS)
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OCTOBER 31, OCTOBER 31,
1999 1998
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ASSETS
Cash and due from banks $ 2,333 $ 58
Interest bearing deposits 3,496 65,200
Federal funds sold 18,000 --
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Total cash and cash equivalents 23,829 65,258
Investment Securities:
Available-for-sale 80,775 --
Held-to-maturity 2,101 --
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Total investment securities 82,876 --
Loans, net of unearned income 60,557 --
Less: allowance for loan losses (905) --
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Net loans 59,652 --
Accrued interest receivable 1,567 --
Premises and equipment, net 392 --
Goodwill, net of amortization of $608 12,195 --
Other assets 475 1,572
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Total assets $ 180,986 $ 66,830
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LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing $ 14,676 $ --
Interest bearing 87,642 --
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Total deposits 102,318 --
Securities sold under agreements to repurchase 1,500 --
Accrued interest payable 290 --
Accrued other liabilities 1,671 1,185
Income taxes payable 1,424 179
Deferred tax liability 477 --
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Total liabilities 107,680 1,364
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Stockholders' equity
Preferred stock - $.10 Par value: -- --
2,000,000 shares authorized - none issued
Common stock - $.10 par value
Authorized -- 10,000,000 shares
Issued -- 2,566,095 shares
Outstanding --
October 31, 1999, 2,127,265 shares
October 31, 1998, 2,126,265 shares 256 256
Additional paid-in capital 78,570 78,546
Accumulated other comprehensive income, net 1,943 --
Accumulated deficit (4,703) (10,563)
Less: Common stock in treasury - at cost:
October 31, 1999, 438,830 shares
October 31, 1998, 439,830 shares
(2,760) (2,773)
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Total stockholders' equity 73,306 65,466
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$ 180,986 $ 66,830
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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SIGNATURES
PURSUANT TO THE REQUIREMENTS OF SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934, THE COMPANY HAS DULY CAUSED THIS AMENDMENT TO REPORT TO
BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY AUTHORIZED.
BERKSHIRE BANCORP INC.
BY: /s/ Steven Rosenberg
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STEVEN ROSENBERG
President, (Chief Executive Officer)
DATE: February 8, 2000
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PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934,
THIS AMENDMENT TO REPORT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS ON
BEHALF OF THE COMPANY AND IN THE CAPACITIES AND ON THE DATES INDICATED.
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SIGNATURE TITLE DATE
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President, (Chief
Executive Officer,
Principal Financial
Officer and Principal
Accounting Officer);
/s/ Steven Rosenberg Director February 8, 2000
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STEVEN ROSENBERG
/s/ William Cohen Director February 8, 2000
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WILLIAM COHEN
/s/ Moses Marx Director February 8, 2000
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MOSES MARX
/s/ Randolph B. Stockwell Director February 8, 2000
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RANDOLPH B. STOCKWELL
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