Seller KeyCorp Exiting Indirect Auto Business
JACKSONVILLE, Fla., March 28 /PRNewswire-FirstCall/ -- Bank of America
today announced it has signed an agreement with KeyCorp (NYSE: KEY) to
purchase the KeyCorp prime indirect automobile loan portfolio, consisting of
$990 million spread among 89,000 customers. KeyCorp announced in January that
it was exiting the indirect automobile lending business.
"This action demonstrates the continued commitment of Bank of America to
the auto industry and specifically to the growth of the retail indirect
channel," said Tim Russi, president of Dealer Financial Services at Bank of
America. "We continue to achieve growth in both our indirect retail and
commercial business through organic growth and portfolio purchases. This
purchase expands the depth and breadth of our presence in the Northeast and
Midwest, which are both important expansion opportunities for Dealer Financial
Services and Bank of America overall."
KeyCorp will continue servicing the accounts on an interim basis and will
notify customers prior to transferring them to Bank of America.
"We are planning a smooth transition for these customers and look forward
to welcoming each one of them to Bank of America in the near future," Russi
said.
About Bank of America
Bank of America Dealer Financial Services provides retail loan financing
and the full range of commercial banking services to dealers primarily in the
automobile, marine and recreational vehicle industries across the United
States. These services include comprehensive inventory financing, commercial
loans, depository services, and merchant and treasury management services.
Bank of America has relationships with more than 10,000 dealer clients and
manages over $30 billion in consumer and commercial loans through Dealer
Financial Services.
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small and middle market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk-management products and services. The company
provides unmatched convenience in the United States, serving 33 million
consumer relationships with more than 5,800 retail banking offices, more than
16,700 ATMs and award-winning online banking with more than twelve million
active users. Bank of America is the No. 1 overall Small Business
Administration (SBA) lender in the United States and the No. 1 SBA lender to
minority-owned small businesses. The company serves clients in 150 countries
and has relationships with 98 percent of the U.S. Fortune 500 companies and 85
percent of the Global Fortune 500. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
http://www.bankofamerica.com
About KeyCorp
Cleveland-based KeyCorp is one of the nation's largest bank-based
financial services companies, with assets of approximately $91 billion. Key
companies provide investment management, retail and commercial banking,
consumer finance, and investment banking products and services to individuals
and companies throughout the United States and, for certain businesses,
internationally.
|
