Firestone Financial, as directed by its parent company Berkshire Bank, recently suspended all future lending. The company called it “a strategic decision within the context of Berkshire’s BEST (Berkshire’s Exciting Strategic Transformation) plan to focus on its core community banking businesses within its markets.” They noted that the decision was not a reflection of the business performance of Firestone.
To those with an existing loan, Berkshire will continue to honor those commitments and fully service Firestone loans for the remainder of their term. Activities outside of portfolio management, loan servicing and accounting will cease as of Aug. 26, according to the company.
“For over 55 years, Firestone has played a prominent role supporting the carnival, amusement and location-based entertainment businesses,” Berkshire said in a press release. “More recently, it has been a source of funding to the fitness, specialty trucking and video lottery businesses. Firestone will continue to work with existing borrowers to ensure a smooth transition and address any questions.”
They note that as a result of the transition, there will also be an impact to Firestone Financial staff over time. “Berkshire is making every effort to aid those affected colleagues, including helping those who opt to apply for other positions within the bank,” they said.
For more information, call Firestone Financial at 800-851-1001 or email customerservice@firestonefinancial.com. Note that as of Aug. 16, their new mailing address is: Firestone Financial, 1 Van de Graff Dr., Ste. 502, Burlington, MA 01803.