Twenty five years ago this fall, a small task force of lenders, all who had
a portfolio of yacht loans, met in Chicago during a marine trade show to determine
interest in forming a group to share the details of their lending specialty.
They decided there was need and enough banks involved to set up an organization.
The National Marine Bankers Association (NBMA) was launched the following February.
Don Parkhurst, a 24 year veteran of the marine lending industry, is the current
President of the NMBA. Don provides his insight on the future of our industry…“The
economy has improved since last fall and in response, the Federal Reserve began
to raise interest rates this summer. This ended a two year period of the lowest
interest rates in 40 years. During that period, our industry, like the mortgage
industry, saw an unprecedented refinance boom. We are all hoping that as the
economy gains ground, consumer confidence will strengthen and more consumers
will buy yachts.
We have six member banks involved in mergers at this time… this increased
merger activity will continue and may accelerate. In the coming months and years,
as the industry continues it decades long consolidation.” Our sincere
thanks to Don Parkhurst for his newsletter contribution.