Regional Management Corp. Expands Operations to Arizona
22 Marzo 2023 - 9:15PM
Business Wire
Regional Management Corp. (NYSE: RM), a diversified consumer
finance company, announced today that it has commenced lending
operations in Arizona, its 19th U.S. state, and expects to open its
first branch within Arizona during the second quarter of 2023.
“We are excited to bring our suite of affordable financial
solutions to consumers in Arizona and further expand our operations
within the southwestern U.S.,” said Robert W. Beck, President and
Chief Executive Officer of Regional Management Corp. “We are
currently servicing loans through our centralized sales and service
teams, and we will eventually expand those efforts to branches in
the state. Our measured expansion strategy continues to enable us
to deliver controlled, sustainable growth and long-term value to
our shareholders.”
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer
finance company that provides attractive, easy-to-understand
installment loan products primarily to customers with limited
access to consumer credit from banks, thrifts, credit card
companies, and other lenders. Regional Management operates under
the name “Regional Finance” online and in branch locations in 19
states across the United States. Most of its loan products are
secured, and each is structured on a fixed-rate, fixed-term basis
with fully amortizing equal monthly installment payments, repayable
at any time without penalty. Regional Management sources loans
through its multiple channel platform, which includes branches,
centrally managed direct mail campaigns, digital partners, and its
consumer website. For more information, please visit
www.RegionalManagement.com.
Forward-Looking Statements
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 instead represent Regional Management
Corp.’s expectations or beliefs concerning future events.
Forward-looking statements include, without limitation, statements
concerning financial outlooks or future plans, objectives, goals,
projections, strategies, events, or performance, and underlying
assumptions and other statements related thereto. Words such as
“may,” “will,” “should,” “likely,” “anticipates,” “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “outlook,”
and similar expressions may be used to identify these
forward-looking statements. Such forward-looking statements speak
only as of the date on which they were made and are about matters
that are inherently subject to risks and uncertainties, many of
which are outside of the control of Regional Management. As a
result, actual performance and results may differ materially from
those contemplated by 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 the expectations expressed or implied in forward-looking
statements include, but are not limited to, the following: managing
growth effectively, implementing Regional Management’s growth
strategy, and opening new branches as planned; Regional
Management’s convenience check strategy; Regional Management’s
policies and procedures for underwriting, processing, and servicing
loans; Regional Management’s ability to collect on its loan
portfolio; Regional Management’s insurance operations; exposure to
credit risk and repayment risk, which risks may increase in light
of adverse or recessionary economic conditions; the implementation
of new underwriting models and processes, including as to the
effectiveness of new custom scorecards; changes in the competitive
environment in which Regional Management operates or a decrease in
the demand for its products; the geographic concentration of
Regional Management’s loan portfolio; the failure of third-party
service providers, including those providing information technology
products; changes in economic conditions in the markets Regional
Management serves, including levels of unemployment and
bankruptcies; the ability to achieve successful acquisitions and
strategic alliances; the ability to make technological improvements
as quickly as competitors; security breaches, cyber-attacks,
failures in information systems, or fraudulent activity; the
ability to originate loans; reliance on information technology
resources and providers, including the risk of prolonged system
outages; changes in current revenue and expense trends, including
trends affecting delinquencies and credit losses; changes in
operating and administrative expenses; the departure, transition,
or replacement of key personnel; the ability to timely and
effectively implement, transition to, and maintain the necessary
information technology systems, infrastructure, processes, and
controls to support Regional Management’s operations and
initiatives; changes in interest rates; existing sources of
liquidity may become insufficient or access to these sources may
become unexpectedly restricted; exposure to financial risk due to
asset-backed securitization transactions; risks related to
regulation and legal proceedings, including changes in laws or
regulations or in the interpretation or enforcement of laws or
regulations; changes in accounting standards, rules, and
interpretations and the failure of related assumptions and
estimates, including those associated with CECL accounting; the
impact of changes in tax laws, guidance, and interpretations,
including the timing and amount of revenues that may be recognized;
risks related to the ownership of Regional Management’s common
stock, including volatility in the market price of shares of
Regional Management’s common stock; the timing and amount of future
cash dividend payments; and anti-takeover provisions in Regional
Management’s charter documents and applicable state law. The
COVID-19 pandemic may impact Regional Management’s operations and
financial condition and may also magnify many of the existing risks
and uncertainties.
The foregoing factors and others are discussed in greater detail
in Regional Management’s filings 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
unanticipated events or the non-occurrence of anticipated events,
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 services or
Internet services.
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version on businesswire.com: https://www.businesswire.com/news/home/20230322005514/en/
Investor Relations Garrett Edson, (203) 682-8331
investor.relations@regionalmanagement.com
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