Daily News: March 4, 2013

Citizens Bank, Others Increase Firestone Financial Facility

Firestone Financial announced the addition of Berkshire Bank to its bank group and the signing of $150 million, multi-year revolving credit facility. Provided through a bank group led by Citizens Bank, the facility is an increase of $25 million to the line secured in May 2011.

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

Patrick Sullivan, executive vice president of commercial banking and wealth management at Berkshire Bank, commended the company. “Firestone Financial has built its business based upon long standing customer relationships and industry expertise, a philosophy that is shared by Berkshire Bank. They serve their customers well and we look forward to continuing to partner with them as they grow even further.”

In addition to Berkshire and Citizens, other banks that participate in the financing are Wells Fargo Capital Finance, Bank of America, TD Bank and Brookline Bank.