Shore Bank unit is funding source for yacht builder
Hampton Roads Bankshares Inc., the parent company of the Bank of Hampton Roads and Shore Bank, said in a news release Tuesday that a specialty unit of the company will become the source of funding for one of the world’s biggest sailing yacht builders.
Shore Premier Finance, a Baltimore, Md.-based specialty finance unit of Shore Bank, has replaced the former source of funding for Beneteau Group’s preferred U.S. financing partner, SGB Finance North America.
Shore Premier Finance will support SGB’s exclusive partnership with Beneteau Group to provide marine financing to the Beneteau, Jeanneau, Prestige, Lagoon and Monte Carlo dealer networks in the U.S., according to the release.
Also Tuesday, Hampton Roads Bankshares said it received notice of the termination of an informal memorandum of understanding among the company, the Federal Reserve Bank of Richmond and the Virginia State Corporation Commission Bureau of Financial Institutions.
Under the memorandum, which went into effect March 26, 2014, the company had to get written approval of the entities before declaring or paying dividends, making payments on its trust preferred securities, incurring or guaranteeing any debt or purchasing or redeeming any shares of its stock. The bank had previously been under a heavier set of restrictions, but those were lifted in February 2014.
By Sarah Kleiner Varble