Regional Management Corp. Acknowledges Filing by Basswood Capital and Issues Response
December 18 2017 - 7:00AM
Business Wire
Regional Management Corp. (NYSE: RM), a diversified consumer
finance company, acknowledges the filing on December 15, 2017 of a
Schedule 13D by Basswood Capital Management, L.L.C. and issues the
following statement relating to the matters raised in the
filing:
“Regional Management is focused on executing a business strategy
that aligns the best interests of the Company and all of its
shareholders. The Company regularly engages its shareholders,
including Basswood, in open dialogue and welcomes constructive
input towards the mutual goal of driving long-term shareholder
value. We look forward to continuing to engage with Basswood and
the rest of our shareholder base.
“Basswood’s director request will be reviewed by the Company’s
Board of Directors, including its Corporate Governance and
Nominating Committee, in a manner consistent with the Company’s
corporate governance processes and principles. The Corporate
Governance and Nominating Committee and the full Board of Directors
regularly review the mix of relevant experience, qualifications,
and skills of its directors in order to ensure that the Board, as a
whole, has the necessary tools to perform its oversight function
effectively. Any decisions regarding the structure or composition
of the Board will be informed by a careful, thoughtful process to
identify director candidates who possess the expertise and
perspective necessary to complement the diversity of skills and
experience currently possessed by the Company’s existing
directors.”
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified 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 since expanded its branch network across
South Carolina, Texas, North Carolina, Tennessee, Alabama,
Oklahoma, New Mexico, Georgia, and Virginia. Each of its loan
products is structured on a fixed rate, fixed term basis with fully
amortizing equal monthly installment payments and is repayable at
any time without penalty. Regional Management’s 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, retailers, and its
consumer website. For more information, please visit
www.RegionalManagement.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171218005306/en/
For Regional Management Corp.Investor RelationsGarrett Edson,
203-682-8331orMedia RelationsPhil Denning, 646-277-1258orJohn
McKenna, 203-682-8252
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