Updated:
Original:

Citizens Bank opts out of marine lending business

Citizens Bank is exiting its specialized lending broker business, including boats and RVs.

“As part of a continuing strategic review of our business lines, it has been determined that this is the appropriate direction for us at this time,” said Brad Conner, vice chairman of consumer finance, in a letter dated today to specialized brokers.

“Current economic conditions require that we react to a rapidly changing and competitive landscape,” he added.

Effective Thursday, Citizens Bank will no longer accept applications from brokers. All applications approved prior to this date will need to be submitted for funding no later than Oct. 21.

Citizens will continue to service existing customers through its customer service and portfolio management units, Conner wrote.

The news comes on the heels of Wachovia Dealer Service’s recent announcement that it was pulling out of the RV and marine financing business and would stop accepting marine applications after Aug. 15. Wachovia officials cited the current economic cycles and the industry outlook for the near future as reasons for the “difficult decision” to exit the broker and indirect dealer financial channels.

Related

‘A Phenomenal Success’

The Southampton International Boat Show had more than 88,000 visitors during its 10-day run, after last year’s cancellation.

TopSide Marinas Makes First Two Acquisitions

Founded in January 2020, the firm has thus far acquired Beavers Bend Marina in Oklahoma and Galveston Yacht Basin in Texas.

Two Boosts for Boating and Fishing

MBIA’s Metro Boat show show draws a crowd, and the U.S. Fish and Wildlife Service expands boating and fishing opportunities.

Norwalk Boat Show Held This Weekend

The NMMA show runs through Sunday at Norwalk Cove Marina in Norwalk, Conn.

Raritan Expands Team

Patrick McNeel joins the New Jersey-based manufacturer as a marine equipment product developer.

Industry Mourns Walter “Bing” Burns O’Meara

The longtime publisher of Lakeland Boating magazine has died at 81.

NMMA Announces Hall of Fame Inductees

Regulator Marine’s Joan Maxwell and Bill Watters of Syntec Industries will be honored at IBEX.

Brunswick Acquires SemahTronix

The supplier of wiring harnesses and other electrical assemblies will be part of Brunswick’s growing Advanced Systems Group.