One result of the recession is the mothballing of the country’s means of production, such as boat manufacturing plants, workers, retail outlets and bank lending, according to a recent report. “So even if the recession miraculously ended tomorrow, economists estimate that at least three years would pass before full employment returned and output rose enough…more
Acquisitions and Investments
Mergers, acquisitions and startups periodically reshape the marine industry, attracting innovators and other new investors.
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 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