GREENVILLE, S.C.--(BUSINESS WIRE)--Feb. 8, 2016--
Regional Management Corp. (NYSE: RM), a diversified specialty consumer
finance company, announced today that its Board of Directors has
authorized the repurchase of up to $25 million of its common stock. The
authorization is effective immediately and extends through December 31,
2017.
“We are confident in the long-term strategy that we have been executing,
as well as in the increased strength of our overall balance sheet over
the past year,” said Michael R. Dunn, Chief Executive Officer of
Regional Management Corp. “As such, our Board of Directors has
authorized a $25 million share repurchase program to best capitalize on
the flexibility of our current financial state, permitting us to return
value to our shareholders while still allowing us to invest in our
operations and positioning us for long-term sustainable and profitable
growth.”
Stock repurchases under the program may be made in the open market at
prevailing market prices, through privately negotiated transactions, or
through other structures in accordance with applicable federal
securities laws, at times and in amounts as management deems
appropriate. The timing and the amount of any common stock repurchases
will be determined by the Company’s management based on its evaluation
of market conditions, the Company’s liquidity needs, legal and
contractual requirements and restrictions (including covenants in the
Company’s credit agreements), share price, and other factors.
Repurchases of common stock may be made under a Rule 10b5-1 plan, which
would permit common stock to be repurchased when the Company might
otherwise be precluded from doing so under insider trading laws. The
repurchase program does not obligate the Company to purchase any
particular number of shares and may be suspended, modified, or
discontinued at any time without prior notice. The Company intends to
fund the program with a combination of cash and debt.
Forward-Looking Statements
This press release may contain various “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995, which represent Regional Management Corp.’s expectations or
beliefs concerning future events. Words such as “may,” “will,” “should,”
“likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates,” “outlook” and similar expressions may be used
to identify these forward-looking statements. Such forward-looking
statements are about matters that are inherently subject to risks and
uncertainties, many of which are outside of the control of Regional
Management. Factors that could cause actual results or performance to
differ from the expectations expressed or implied in such
forward-looking statements include, but are not limited to, the
following: the continuation or worsening of adverse conditions in the
global and domestic credit markets and uncertainties regarding, or the
impact of, governmental responses to those conditions; changes in
interest rates; risks related to acquisitions; risks related to opening
new branches, including the ability or inability to open new branches as
planned; risks inherent in making loans, including repayment risks and
value of collateral, which risks may increase in light of adverse or
recessionary economic conditions; recently-enacted or proposed
legislation; the timing and amount of revenues that may be recognized by
Regional Management; changes in current revenue and expense trends
(including trends affecting delinquencies and charge-offs); changes in
Regional Management’s markets and general changes in the economy
(particularly in the markets served by Regional Management); changes in
operating and administrative expenses; and the departure, transition or
replacement of key personnel. Such factors and others are discussed in
greater detail in Regional Management’s filings with the Securities and
Exchange Commission. Regional Management will not and is not responsible
for updating the information contained in this press release beyond the
publication date, or for changes made to this document by wire services
or Internet services.
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified specialty 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 http://www.RegionalManagement.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160208006093/en/
Source: Regional Management Corp.
For Regional Management Corp.
Investor Relations
Garrett
Edson, 203-682-8331