Regional Management Corp. (NYSE: RM), a diversified consumer
finance company, today announced the appointment of Philip Bancroft
to its Board of Directors, effective immediately. Mr. Bancroft is
the former Chief Financial Officer and current Executive Vice
President of Chubb (NYSE: CB), the largest publicly traded property
and casualty insurance company in the world.
Mr. Bancroft’s appointment increases the size of Regional
Management’s Board of Directors from eight directors to nine
directors.
“We are delighted to welcome Phil to our Board,” said Maria
Contreras-Sweet, Chair of the Corporate Governance and Nominating
Committee of Regional Management’s Board of Directors. “Phil’s
wealth of financial knowledge and his experience working with
growth companies will serve to enhance the quality of our Board. We
expect that Phil will add immediate and considerable value to
Regional’s ongoing omni-channel and digital growth initiatives,
while additionally bolstering our robust financial
capabilities.”
Mr. Bancroft brings to the Board unparalleled financial, risk,
and executive management expertise. He was the CFO of ACE Limited
from 2001 prior to ACE’s acquisition of Chubb in 2016, at which
time he became the CFO of Chubb. Prior to ACE, Mr. Bancroft 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, ten years as a partner. He has served on the boards
of various organizations, currently serving on Saint Joseph’s
University Haub School of Business/Advisory Board for Insurance
Risk Management. He was certified as a public accountant and earned
his Bachelor of Business Administration in Accounting from Temple
University.
“Regional has a first-class Board of Directors, and I’m excited
to join the team as the company continues to expand its market
share and broaden its reach across the country,” added Mr.
Bancroft. “I look forward to working closely with the Board and
management to help direct Regional’s overall long-term growth
strategy and deliver additional value for our shareholders.”
Diversified Search Group was retained by Regional Management to
conduct this search. The Group was founded in 1974 and is a key
leader in attracting transformational leaders of every background
for clients like Regional Management. It was named one of Forbes
top ten executive search firms in America, and the search was led
by Victor Arias, Jr., Managing Partner of the DFW office.
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” in approximately 350 branch locations
in 13 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, retailers, 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: risks
related to Regional Management’s business, including the COVID-19
pandemic and its impact on Regional Management’s operations and
financial condition; 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 also magnify many of these 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/20220119005859/en/
Investor Relations Garrett Edson, (203) 682-8331
investor.relations@regionalmanagement.com
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