Berkshire Hills Bancorp, Inc. ceasing to originate loans through Firestone Financial

By | August 4, 2022

On July 20, 2022, Berkshire Hills Bancorp, Inc. announced it will stop originating loans through Firestone Financial, LLC, a Berkshire Bank company. This was 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. It is not a reflection of Firestone’s operational or portfolio performance which remain strong. Berkshire will honor existing loan commitments and continue to fully service Firestone loans for the remainder of their term. 

For over 55 years, Firestone has played a prominent role supporting the carnival, amusement, and location-based entertainment businesses. 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. 

As a result of the transition, there will 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 organization.