Regional Management Corp. Expands to New Mexico
GREENVILLE, S.C.--(BUSINESS WIRE)-- Regional Management Corp. (RM), a diversified specialty consumer finance company, announced today the expansion of its operations to New Mexico, its seventh U.S. state, with the opening of its first branch in Las Cruces. The branch, conveniently located near Interstate 25 at 2300 North Main Street, is the companys 198th location and continues Regional Managements expansion into the Southwest.
We are excited to introduce our diverse set of loan products to New Mexicans, providing them with a range of alternatives to meet their financial needs, said Thomas Fortin, Chief Executive Officer of Regional Management Corp. New Mexico provides a great de novo opportunity for Regional Management as we continue to prudently grow our business through further branch expansion and increasing the distribution of our various product offerings for underbanked consumers.
About Regional Management Corp.
Regional Management Corp. 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 194 locations with over 164,000 active accounts across South Carolina, Texas, North Carolina, Tennessee, Alabama and Oklahoma as of March 31, 2012. Each of its loan products is secured, structured on a fixed rate, fixed term basis with fully amortizing equal monthly installment payments and is repayable at any time without penalty. Regional Managements 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 Managements 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 Managements markets and general changes in the economy (particularly in the markets served by Regional Management). Such factors are discussed in greater detail in Regional Managements 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
Source: Regional Management Corp.Copyright Business Wire 2012