Key Bank pulling out of marine lending

October 2008 News
Grant Skeens, president and CEO of Key Recreation Lending, confirmed that the bank is pulling out of the marine and RV retail and commercial lending business, ending its 50 years in recreational lending. The announcement was made to employees at 10:30 (EDT) today.
The last day marine retail applications will be taken is Oct. 27, and the last day for funding applications will be Nov. 14, Skeens told Trade Only Today this morning. The bank will work to transition its dealers to other sources of floorplan funding over the next 90 to 120 days, he said.
Skeens said the decision was "very difficult."
"Certainly if you look at the prospects for the [marine] industry over the next 12 to 18 months, they aren't very rosy," Skeens said. "I would tell you margins in retail continue to be thin for lenders."
Key Bank is one of several lenders to recently pull out of marine lending. This summer, Citizens Bank and Wachovia pulled out of marine finance altogether, and GE Money quit retail marine lending.
  • Like what you read?

    Want to know when we have important news, updates or interviews?

You Might Also Be Interested In...
News, Feature

BoatClass Expands to more than 35 Locations

BoatClass, a certified on-water boater training ha...
Web Exclusive
Feature, News

TowBoatUS Service Now in Coeur d’Alene, Idaho

When boats break down on the water, TowBoatUS safe...
Web Exclusive
BoatUS
News

Introducing Revel Boats

Revel Boats is the newest pontoon brand that was i...
Feature, News

Earth-friendly tips for Earth Day

Mother Earth needs a little help from boaters, but...
Web Exclusive
BoatUS
Feature, News

Coming Up: Marine Service Technician Week

The week is dedicated to recognizing the exception...
Web Exclusive
Feature, News

Supersede Set to Transform Marine Grade Plywood Market

Supersede Marine Board addresses the gap in the ma...
Web Exclusive
Theresa Nicholson
Share

Send to your friends!

Click here to read the current issue.

Already a subscriber? Please check your email for the latest full issue link.