Exhibit 99.1
Regional Management Corp. Announces Executive Management Transition
Greenville, South Carolina – September 4, 2019–Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced that its Chief Credit Risk Officer Daniel J. Taggart has decided to leave Regional in the first quarter of 2020 to pursue new professional opportunities. Mr. Taggart will remain in his role to ensure a smooth transition to his successor and to complete the adoption and implementation of CECL accounting standards, effective in January 2020. Regional has engaged an executive recruiting firm to conduct a search for its new Chief Credit Risk Officer.
“On behalf of the Regional Management team, I want to express our gratitude to Dan for his extensive contributions over the past four and a half years. Dan has built a high performing team and has developed our credit risk infrastructure,” said Peter R. Knitzer, President and Chief Executive Officer of Regional Management. “Under Dan’s leadership, we dramatically improved our underwriting capabilities and established our centralized collections team. Dan also led the development of our small and large loan custom scorecards, which have been implemented in all of our states and continue to perform as expected. We wish Dan all the best in his future endeavors.”
“I want to thank Peter and the entire Regional Management team for the opportunity to work with such a strong and talented group,” added Mr. Taggart. “I am honored to have led our impressive credit team and will work to ensure a smooth transition to my successor. I’m confident that Regional is well-positioned for long-term profitable growth and the creation of additional value for its shareholders.”
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: changes in general economic conditions, including levels of unemployment and bankruptcies; risks associated with Regional Management’s transition to a new loan origination and servicing software system; risks related to opening new branches, including the ability or inability to open new branches as planned; risks inherent in making loans, including credit risk, repayment risk, and value of collateral, which risks may increase in light of adverse or recessionary economic conditions; risks associated with the implementation of new underwriting models and processes, including as to the effectiveness of
