Parent of Berkshire Bank acquires Firestone Financial for $53M
Berkshire Hills Bancorp, the parent company of Berkshire Bank, is buying Needham-based Firestone Financial Corp.
Berkshire Hills Bancorp said in a statement Friday that privately held Firestone Financial will become a subsidiary of Berkshire Bank.
Berkshire Bank has a branch on Route 9 in Westborough.
The deal is estimated at $53 million. Firestone Financial provides secured installment loan equipment financing for small and medium-sized businesses, the statement said.
“Firestone is a terrific fit for Berkshire Bank,” Berkshire CEO Michael Daly said. “The strength of the management team and their conservative approach to credit has made them a solid performing finance company.”
As of March 31, 2015, Firestone had approximately $190 million in loans outstanding spread across multiple industries and market areas, the statement said.
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