Regional Management Corp. expands operations to California
GREENVILLE, SC–(BUSINESS WIRE)–Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced that it has expanded its operations to California, its 16e US State, with the opening of its first branch in Riverside. The opening further expands Regional Management’s footprint and provides Regional with a true coast-to-coast presence in the United States.
“We are very pleased to bring our suite of affordable financial solutions to California, the largest state in the United States and one of the largest economies in the world,” said Robert W. Beck, President and Chief Executive Officer. of Regional Management Corp. “We look forward to expanding our presence in other markets in California in the months and years to come. Our omnichannel operating model is ideal for a large state like this – which increases our addressable market by approximately 33% – where high-quality consumers across the state can take advantage of our premier lending solutions at their convenience Our geographic expansion strategy continues to position us well to capture additional market share in a controlled manner and deliver long-term value to our shareholders.
About the regional management company
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 as “Regional Finance” online and in branches in 16 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 amortized equal monthly installments, repayable at any time without penalty. Regional management seeks loans through its multi-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.
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 rather represent Regional Management Corp’s expectations or beliefs. regarding future events. . Forward-looking statements include, but are not limited to, statements regarding financial prospects or future plans, objectives, goals, projections, strategies, events or performance, as well as underlying assumptions and other statements relating thereto. Words such as “may”, “will”, “should”, “likely”, “anticipate”, “expect”, “intend”, “plan”, “project”, “believe” , “estimate,” “outlook,” and similar expressions may be used to identify these forward-looking statements. These forward-looking statements speak only as of the date they are made and relate to matters inherently subject to risks and uncertainties, many of which are beyond the control of regional management. Therefore, actual performance and results may differ materially from those contemplated by these forward-looking statements. Accordingly, 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 by the forward-looking statements include, but are not limited to, the following: effectively managing growth, implementing the growth strategy regional management and open new branches as planned; the regional management’s convenience check strategy; regional management policies and procedures for loan underwriting, processing and management; the ability of regional management to recover its loan portfolio; Regional Management insurance operations; exposure to credit risk and repayment risk, which risks may increase due to adverse economic conditions or recession; the implementation of new underwriting models and processes, including the effectiveness of new personalized scorecards; changes in the competitive environment in which Regional Management operates or a drop in demand for its products; the geographic concentration of the 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 served by regional management, including levels of unemployment and bankruptcies; the ability to make successful strategic acquisitions and alliances; the ability to make technology improvements as quickly as competitors; security breaches, cyberattacks, information system failures or fraudulent activities; the ability to issue loans; dependence on information technology resources and suppliers, including the risk of prolonged system outages; changes in current revenue and expense trends, including trends affecting payment defaults and credit losses; changes in operating and administrative expenses; the departure, transition or replacement of key personnel; the ability to implement, transition and maintain the information technology systems, infrastructure, processes and controls necessary to support regional management operations and initiatives in a timely and effective manner; changes in interest rates; existing sources of liquidity may become insufficient or access to such sources may become unexpectedly restricted; exposure to financial risk due to asset-backed securitization transactions; regulatory and legal process risks, including changes in laws or regulations or in the interpretation or application of laws or regulations; changes in accounting standards, rules and interpretations and failure of related assumptions and estimates, including those associated with CECL’s accounting; the impact of changes in tax laws, guidelines and interpretations, including the timing and amount of revenue that may be recognized; risks associated with ownership of Regional Management Common Stock, including volatility in the market price of Regional Management Common Stock; the timing and amount of future cash dividend payments; and anti-takeover provisions in regional leadership charter documents and applicable state law. The COVID-19 pandemic may impact regional management’s operations and financial condition and may also amplify many of the existing risks and uncertainties.
The foregoing and other factors are discussed in greater detail in regional management’s filings with the Securities and Exchange Commission. Regional management will not update or revise any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen events or the non-occurrence of anticipated events, whether whether as a result of new information, future developments, or otherwise, except as required by law. Regional management is not responsible for any changes made to this document by wire services or Internet services.