Regional Management Corp. Announces Opening of First Full Service Locations in Georgia
Acquires Locations in Savannah and Brunswick, Georgia
GREENVILLE, S.C.--(BUSINESS WIRE)-- Regional Management Corp. (NYS: RM) , a diversified specialty consumer finance company, announced today that it has opened its first full-service locations in Georgia with the acquisition of lending operations in Savannah and Brunswick. The two locations will offer to customers Regional's full suite of services, including small and large installment loans, automobile purchase loans and furniture and appliance loans. Earlier this year, the company expanded into Georgia, the company's eighth U.S. state, with the opening of an AutoCredit Source (ACS) branch in Atlanta.
"This acquisition is in line with our growth strategy of opening de novo locations and making accretive small- to mid-size acquisitions," said Thomas Fortin, Chief Executive Officer of Regional Management Corp. "We are excited to expand our presence in Georgia, as we believe it represents an attractive state for further growth."
Regional's loan products feature attractive rates, fully amortizing and equal monthly payments, and flexible maturity and loan size. There is never any prepayment penalty for customers, and the company reports loan performance to the major credit bureaus, providing customers the opportunity to establish or potentially repair their credit histories.
The new Regional stores are located at:
6409 Abercorn Street, Unit A
Savannah, Georgia 31405
3421-6 Cypress Mill Road
Brunswick, Georgia 31525
About Regional Management Corp.
Regional Management Corp. (NYS: RM) is a diversified specialty consumer finance company providing a broad array of loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies and other traditional lenders. Regional Management began operations in 1987 with four branches in South Carolina and has expanded its branch network to 221 locations with over 245,000 active accounts across South Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma and New Mexico as of December 31, 2012. Each of its loan products is structured on a fixed rate, fixed term basis with fully amortizing equal monthly installment payments and is repayable at any time without penalty. Regional Management's loans are sourced through its multiple channel platform, including in its branches, through direct mail campaigns, independent and franchise automobile dealerships, online credit application networks, furniture and appliance retailers and its consumer website. For more information, please visit http://www.RegionalManagement.com.
This press release may contain various "forward-looking statements" within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended, which represent Regional Management's expectations or beliefs concerning future events. Such forward-looking statements are about matters that are inherently subject to risks and uncertainties, many of which are outside of the control of Regional Management. Factors that could cause actual results or performance to differ from the expectations expressed or implied in such forward-looking statements include, but are not limited to, the following: the continuation or worsening of adverse conditions in the global and domestic credit markets and uncertainties regarding, or the impact of governmental responses to, those conditions; changes in interest rates; risks related to acquisitions and new branches; risks inherent in making loans, including repayment risks and value of collateral, which risks may increase in light of adverse or recessionary economic conditions; recently-enacted or proposed legislation; the timing and amount of revenues that may be recognized by Regional Management; changes in current revenue and expense trends (including trends affecting delinquencies and charge-offs); changes in Regional Management's markets and general changes in the economy (particularly in the markets served by Regional Management). Such factors are discussed in greater detail in Regional Management's filings with the Securities and Exchange Commission. Regional Management Corp. will not and is not responsible for updating the information contained in this press release beyond the publication date or for changes made to this document by wire services or Internet services
Garrett Edson, (203) 682-8331
Kim Paone, (646) 277-1216
KEYWORDS: United States North America Georgia South Carolina
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