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.