RM Regional Management Corp

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 10, 2023

 

 

Regional Management Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-35477	57-0847115
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
979 Batesville Road, Suite B
Greer, South Carolina				29651
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 864 448-7000

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.10 par value		RM		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

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Item 8.01 Other Events.

On November 10, 2023, Regional Management Corp. (the “Company”) issued a press release announcing that Philip V. Bancroft, a member of the Company's Board of Directors, passed away on November 1, 2023. A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

	(d)		Exhibits.
Exhibit No.			Description
99.1			Press Release issued by Regional Management Corp. on November 10, 2023
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Regional Management Corp.
Date:	November 13, 2023	By:	/s/ Harpreet Rana
			Harpreet Rana Executive Vice President and Chief Financial Officer

 

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Regional Management Corp. Mourns Passing of Board Member Philip Bancroft

 

Greenville, South Carolina – November 10, 2023 – Regional Management Corp. (NYSE: RM), a diversified consumer finance company, issued a statement today announcing the loss of board member, Philip Bancroft, who unexpectedly passed away earlier this month.

“We are deeply saddened by Phil’s sudden and untimely passing,” said Carlos Palomares, Chair of the Board of Directors of Regional Management Corp. “He was a well-respected member of the Board who brought to us a wealth of knowledge and experience, a keen business sense, strong ethics, calm wisdom, and sound judgment. It was a privilege to work alongside Phil, and we will be forever grateful for his contributions to our company. He will be greatly missed by all of us at Regional and by all who knew him.”

 

“Phil was a thoughtful, passionate, empathetic, and generous colleague and friend who built an extraordinary legacy throughout his lifetime,” added Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “He was a tremendous supporter of the company and our management team, and for that, I will forever be appreciative. Phil leaves behind many friends and a beloved family, and our thoughts and prayers are particularly with his wife, Denise, and his children, Philip, Kristen, and Danielle. On behalf of the directors, management, and employees of Regional, we extend our heartfelt condolences to Phil’s family during this difficult time.”

Mr. Bancroft served on the Regional Management Board of Directors since January 2022, including most recently as Chair of the Board’s Audit Committee and as a member of the Board’s Risk Committee. Prior to joining Regional Management’s Board of Directors, Mr. Bancroft was the Chief Financial Officer and Executive Vice President of Chubb Limited, the largest publicly traded property and casualty insurance company in the world, from 2016 to 2021. Prior to Chubb, he was the Chief Financial Officer of ACE Limited from 2001 to 2016. Mr. Bancroft also served as Partner-in-Charge for the New York Regional Insurance Group of PricewaterhouseCoopers (PwC) from 1996 to 2001, and spent nearly 20 years at PwC in various roles, including ten years as a partner. In addition to serving on Regional Management’s Board, Mr. Bancroft served on Saint Joseph’s University Haub School of Business/Advisory Board for Insurance Risk Management and various other non-profit boards. He was certified as a public accountant and earned his Bachelor of Business Administration in Accounting from Temple University.

 

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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.

 

Contact:

Investor Relations
Garrett Edson, (203) 682-8331

investor.relations@regionalmanagement.com

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Document And Entity Information	Nov. 10, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 10, 2023
Entity Registrant Name	Regional Management Corp.
Entity Central Index Key	0001519401
Entity Emerging Growth Company	false
Securities Act File Number	001-35477
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	57-0847115
Entity Address, Address Line One	979 Batesville Road, Suite B
Entity Address, City or Town	Greer
Entity Address, State or Province	SC
Entity Address, Postal Zip Code	29651
City Area Code	864
Local Phone Number	448-7000
Entity Information, Former Legal or Registered Name	Not Applicable
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	RM
Security Exchange Name	NYSE

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