Firestone Financial, one of the amusement industry’s largest lenders, has been told by its parent company, Berkshire Bank, to stop all future lending to the sector.

Total loans are up to US$7.8b in the second quarter of the year,

The order is to take effect immediately according to Diane McLaughlin in Banker & Tradesman.

Firestone Financial was acquired by Berkshire Bank in 2015 and specialises in lending to the amusement, entertainment, fitness, laundry and vending industries.

CEO of Berkshire Bank, Nitin Mhatre, said that the decision to stop lending was strategic rather than a reflection of performance.