Regional Management sells $112M of existing charged-off loan portfolio

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Greenville-based consumer finance lender Regional Management Corp. announced closing the sale of $112 million of its existing charged-off loan portfolio. Pre-tax proceeds from the sale, net of commission and other expenses came to $1.7 million, and will be represented as a reduction of the company’s provision for credit losses on its Q4 2015 income statement.

The company announced intentions to market $100 million of existing and forward-flow charged-off loan portfolio in October, which was advertised to represent an aggregate balance of $102.1 million across 79,810 accounts with an average balance of $1,280, according to U.S. Securities and Exchange Commission filings.

Regional Management operates across South Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma, New Mexico and Georgia.

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