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Enterprising Investor

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Wednesday, 01/28/2015 10:18:16 AM

Wednesday, January 28, 2015 10:18:16 AM

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Bank of Hampton Roads to buy marine loan portfolio (1/28/15)

The Bank of Hampton Roads has agreed to acquire a marine loan portfolio that includes $135 million in retail loans and dealer inventory or floor plan financing, its parent company, Virginia Beach-based Hampton Roads Bankshares Inc., said Tuesday.

The transaction with the portfolio's seller, SGB Finance North America Inc., is expected to close in the first quarter.

Last year, Hampton Roads Bankshares launched a specialty lending unit focused on marine financing called Shore Premier Finance.

Hampton Roads Bankshares is also the parent company of Shore Bank.

http://hamptonroads.com/2015/01/bank-hampton-roads-buy-marine-loan-portfolio

"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International

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