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Firestone, Bank Group Ink Accord For $125M Multiyear Credit Facility

Posted On: 6/2/2011

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vending business, amusement business, vending machine business, equipment financing, small business lending, small business capital, Firestone Financial Corp., David Cohen, Jerry Sargent, Citizens Bank, RBS Citizens N.A., Wells Fargo Capital Finance, Bank of America N.A., TD Bank N.A., Brookline Bank

NEWTON, MA -- Firestone Financial Corp. announced the signing of a $125 million multiyear revolving credit facility provided through a group led by Citizens Bank and including Wells Fargo Capital Finance, Bank of America N.A., TD Bank N.A. and Brookline Bank.

"We are extremely pleased with the terms we have received, and the financial and operating covenants," said Firestone president and chief executive David Cohen. He added the lending terms, which were not disclosed, will provide Firestone more flexibility in the markets it serves.

Firestone Financial has provided equipment financing nationwide since 1965 and, as a direct lender, has helped its customers to acquire billions of dollars worth of assets. It provides competitive financing solutions for the vending, coin-op amusement, carnival and fitness industries.

Jerry Sargent, president of Citizens Bank, Massachusetts, commended Firestone's management. "Similar to our company, Firestone has built its business on relationships and an unwavering commitment to the client," he said. Sargent hailed Firestone's "unique ability to serve its customers due to its deep knowledge of the industries it serves."

Citizens Bank is a division of RBS Citizens N.A., operating a seven-state network in Connecticut, Delaware, Massachusetts, New Hampshire, New York, Rhode Island and Vermont. It is a subsidiary of Citizens Financial Group Inc., a $132 billion commercial bank holding company (Providence, RI) owned by RBS (The Royal Bank of Scotland Group).