Acquisitions and Investments

Mergers, acquisitions and startups periodically reshape the marine industry, attracting innovators and other new investors.

Lender merger alters financing field

A bank merger between two retail marine lenders could eliminate, or at least change, another source of boat finance. The merger between Provident Bank and M&T, announced Friday, is slated to take place this spring. The merger will help Baltimore-based Provident in this “challenging economic environment,” said Gary N. Geisel, Provident chairman and CEO. “While…more

Wachovia pulling out of marine finance business

Wachovia Dealer Services announced to dealers it was pulling out of the RV and marine financing business in a statement released this week. Wachovia spokespeople did not return calls seeking comment, but a letter distributed to dealers on Wachovia Dealer Services letterhead was obtained by Soundings Trade Only today. The letter said Wachovia officials decided…more

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