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Issue Date: Vol. 53, No. 4, April 2013, Posted On: 3/17/2013


Firestone Increases Revolving Credit Facility To $150 Million; Berkshire Joins Banking Group


Nick Montano
Nick@vendingtimes.net
TAGS: Firestone credit facility, Firestone Financial, Berkshire Bank, vending business, vending machine financing, amusement business, jukebox financing, David Cohen, Patrick Sullivan, Citizens Bank, coin machine industry, equipment financing

NEWTON, MA -- Firestone Financial Corp. said it has added Berkshire Bank, Massachusetts's oldest and largest independent bank, to its bank group. Firestone, a direct lender to vending and amusement operators since 1965, also announced the signing of a revolving credit facility of $150 million. That's a $25 million increase to the credit line it established in May 2011.

"We are growing and have partnered with banks that understand our growth strategy and support our initiatives," said Firestone president and chief executive David Cohen. "The addition of Berkshire Bank will provide the capital we need to increase our presence in our existing markets and to explore new ones."

The updated commitment to Firestone comprises the same banks that participated in the last credit facility, which was led by Citizens Bank and included Wells Fargo Capital Finance, Bank of America N.A., TD Bank N.A. and Brookline Bank. | SEE STORY

"Firestone Financial has built its business based upon longstanding customer relationships and industry expertise, a philosophy that is shared by Berkshire Bank," said Patrick Sullivan, Berkshire's executive vice-president of commercial banking and wealth management.

Pittsfield, MA-based Berkshire Hills Bancorp, parent of Berkshire Bank, has around $5.3 billion in assets. It maintains 73 full-service branches in Massachusetts, New York, Connecticut and Vermont that provide personal and business banking, insurance and wealth management.


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