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GREENVILLE, SC – (BUSINESS WIRE) – Regional Management Corp. (NYSE: RM), a diversified consumer finance company, announced today that it has increased its warehouse capacity from $ 100 million to $ 300 million by closing a new additional warehouse facility with JP Morgan .
As with the company’s recently closed warehouses with Wells Fargo and Credit Suisse, the new facility finances several forms of collateral, including small loans, large loans, convenience check loans, and digitally created loans. Together, the three new warehouses closed in April 2021 represent an increase of $ 175 million from the company’s former single warehouse of $ 125 million.
“We are pleased to further expand the capacity of our warehouses with the addition of JP Morgan to our lender group,” said Robert W. Beck, President and CEO of Regional Management Corp. ability to invest aggressively in our growth strategy, to return excess capital to shareholders and to position the company for attractive and sustainable growth for years to come.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer credit company that provides attractive and easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, credit card companies and other lenders. Regional Management operates under the name “Regional Finance” in 366 branches in 12 states in the Southeast, Southwest, Central Atlantic and Midwestern United States, as of April 2021. The Most of its loan products are secured and each is structured on a fixed rate, fixed term basis with equal monthly payments fully amortizing, repayable at any time without penalty. Regional Management obtains loans through its multi-channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, retailers and its mainstream website. For more information, please visit www.RegionalManagement.com.
This press release may contain various “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but rather represent the expectations or beliefs of Regional Management Corp. regarding future events. Forward-looking statements include, without limitation, statements regarding future plans, objectives, goals, projections, strategies, events or performance, as well as underlying assumptions and other statements related thereto. Words such as “may”, “will”, “should”, “likely”, “anticipate”, “expect”, “intends”, “plan”, “project”, “believe”, ” believes, ”“ outlook, ”and similar phrases may be used to identify such forward-looking statements. These forward-looking statements speak only as of the date on which they were made and relate to matters which are inherently subject to risks and uncertainties, many of which are beyond the control of regional management. Accordingly, actual performance and results may differ materially from those contemplated in these forward-looking statements. Therefore, investors should not place undue reliance on forward-looking statements.
Factors that could cause actual results or performance to differ from expectations expressed or implied in forward-looking statements include, without limitation, the following: changes in general economic conditions, including levels of unemployment and bankruptcies; the impact of the recent epidemic of a new coronavirus (COVID-19), including on the regional management’s access to liquidity and the credit risk of the regional management’s financial receivables portfolio; risks associated with the ability of regional management to implement, transition and maintain in a timely and efficient manner the information technology systems, infrastructure, processes and controls necessary to support its operations and its initiatives; risks associated with the regional branch’s loan creation and maintenance software system, including the risk of prolonged system failures; risks associated with opening new branches, including the ability or inability to open new branches as planned; risks inherent in granting loans, including credit risk, repayment risk and the value of collateral, which risks may increase due to adverse economic conditions or recession; risks associated with implementing new underwriting models and processes, including with respect to the effectiveness of new personalized scorecards; risks associated with securitization transactions backed by Regional Management assets; changes in interest rates; the risk that the Regional Directorate’s existing sources of liquidity will become insufficient to meet its needs or that its access to these sources will be unexpectedly restricted; changes in federal, state or local laws, regulations or policies and practices, and the risks associated with the way laws and regulations are interpreted, implemented and enforced; changes in accounting standards, rules and interpretations, and the failure of related assumptions and estimates, including those associated with the implementation of current expected credit loss accounting (CECL); the impact of changes in tax laws, guidelines and interpretations; the schedule and amount of revenue that can be recognized by the regional management; changes in current income and expenditure trends (including trends affecting delinquencies and credit losses); changes in the markets of the regional office and general changes in the economy (particularly in the markets served by the regional office); changes in the competitive environment in which the regional management operates or a decrease in demand for its products; the timing and amount of future cash dividend payments; risks associated with acquisitions; changes in operating and administrative expenses; and the departure, transition or replacement of key personnel. The COVID-19 pandemic can also amplify many of these risks and uncertainties.
The above and other factors are discussed in more detail in documents filed by regional management with the Securities and Exchange Commission. Regional management will not update or revise forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen events or the non-occurrence of anticipated events, whether whether as a result of new information, future developments. , or otherwise, except as required by law. Regional management is not responsible for changes made to this document by wire or Internet services.
Garrett Edson, (203) 682-8331
Source: Regional Management Corp.