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Essex Credit is no more

FROGMAN524

FROGMAN524

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BMO Harris has officially acquired Bank of the West and Essex Credit and has cancelled their boat and RV loan program. I’m late to the party on this but thought it was worth an FYI.

BMO Completes Acquisition of Bank of the West

/PRNewswire/ - BMO Financial Group (TSX: BMO) (NYSE: BMO), and its subsidiaries BMO Financial Corp. and BMO Harris Bank N.A. (together, "BMO"), announced today...
www.prnewswire.com www.prnewswire.com

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Mandelon

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Can you blame them? This segment is notoriously risky....especially when the economy could be in an iffy spot. Values could easily plunge on toys. Although actions like this may actually exacerbate the situation.

I read that RV sales are down and the big manufacturers no longer have multi year billion dollar back logs. It was pretty obvious that the price of boats and RVs couldn't just keep climbing. Another big gas spike could really hurt folks just when the cost of everything is up.

We all know that finding the time to utilize your boat or RV is tough, for many folks making the payment month after month isn't easy, and with lots of job layoffs at some of the larger companies the RV payment would be the first to get slashed.
 
FROGMAN524

FROGMAN524

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Mandelon said:
Can you blame them? This segment is notoriously risky....especially when the economy could be in an iffy spot. Values could easily plunge on toys. Although actions like this may actually exacerbate the situation.

I read that RV sales are down and the big manufacturers no longer have multi year billion dollar back logs. It was pretty obvious that the price of boats and RVs couldn't just keep climbing. Another big gas spike could really hurt folks just when the cost of everything is up.

We all know that finding the time to utilize your boat or RV is tough, for many folks making the payment month after month isn't easy, and with lots of job layoffs at some of the larger companies the RV payment would be the first to get slashed.
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The only thing still going up is the price of UTVs.
 
Cobalt232

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My oldest son works for Bank of Montreal (BMO) in Denver. He said the final integration with Bank of the West will occur over Labor day and branches renamed as well.
 
Englewood

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Flagstar bank also left the RV/Boat business on 4/1. Much bigger impact and almost radio silence about it.

We've known about Essex for a while (was originally planned to be 7/1). Doesn't really change much as Essex had tight criteria to begin with.

I recently read some scary stats about the RV business...I expect some crazy deals on new coaches in the near future.
 
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Fabhouse

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Cobalt232 said:
My oldest son works for Bank of Montreal (BMO) in Denver. He said the final integration with Bank of the West will occur over Labor day and branches renamed as well.
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Lots of branches in So Cal already rebranded. I have been doing the floors for the branch refresh/rebrand. 2-3 banks a week for the last 6 weeks, lots to go.
 
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DrunkenSailor

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The community banks are still failing. The fed has been able to keep it quiet with forced mergers.

Pacwest was "acquired" by bank of cal with JP Morgan taking 2bn of bad assets.

Bank of the west was "acquired" by BMO Harris I haven't been able to figure out how much of the balance sheet was sold off to the feds banker yet.

Keep an eye on the news. These are not standard mergers and acquisitions.
 
J DUNN

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And we're not even close to the peak of commercial RE foreclosures yet! How many banks will be failing once they're holding returned worthless office buildings with no renters. Some of the largest buildings have already had the keys handed to the banks that hold the notes.
 
LargeOrangeFont

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Mandelon said:
I'm thinking a lot of those "office buildings" will need to become residential towers....
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Yep. The banks will cry, government is going to pay the banks because they are too big to fail. A few years later the banks will sell the buildings to developers taking money from the government to turn office buildings into residential communal domiciles to fix the housing shortage, fix climate change and make giant profits.
 
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My business accounts are with Bank of the West. After the merger I looked into BMO and decided they were pretty conservative so I wasn't worried. They paid $16Billion cash for the purchase I don't think there was any fed guarantees this thing was announced last December prior to the bank problems starting. I suppose if the values of the assets were misrepresented there would be a huge lawsuit in the near future. I better check again.
 
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Gonefishin5555

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LargeOrangeFont said:
Yep. The banks will cry, government is going to pay the banks because they are too big to fail. A few years later the banks will sell the buildings to developers taking money from the government to turn office buildings into residential communal domiciles to fix the housing shortage, fix climate change and make giant profits.
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Homeless shelters at $1.2M per a housing unit are in our future. Huge scam incoming.
 
Cobalt232

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DrunkenSailor said:
The community banks are still failing. The fed has been able to keep it quiet with forced mergers.

Pacwest was "acquired" by bank of cal with JP Morgan taking 2bn of bad assets.

Bank of the west was "acquired" by BMO Harris I haven't been able to figure out how much of the balance sheet was sold off to the feds banker yet.

Keep an eye on the news. These are not standard mergers and acquisitions.
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Bank of the West was owned by BNP Paribas, the largest bank in the EU. BNP Paribas and Mitsubishi (Union Bank of CA) both wanted out of the US market.
 
FROGMAN524

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SpectraPat said:
Office buildings are not set up with the plumbing infrastructure to support residential units.
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Maybe so, but this one just got converted from business to residential.

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Mandelon

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SpectraPat said:
Office buildings are not set up with the plumbing infrastructure to support residential units.
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Maybe not initially.... LOL. Nothing some larger pipes can't fix. A bigger sewer main and some additional stacks? I imagine it can be done.

What would need to be done? I am sure it depends on the number of units in the building.... Bigger water supply for all those morning showers....
 
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