Essex Credit Corporation Merges with Bank of the West
San Francisco, CA | Oct 01, 2014
Solidifying its position as one of the premier RV and marine lenders nationwide, Bank of the West announced today that Essex Credit Corporation (Essex) has been merged into the bank. Essex has been operating as a wholly-owned subsidiary of Bank of the West since 1997; it originates and refinances marine loans in all 50 states and Puerto Rico and RV loans in all 50 states. The merger, effective October 1, better positions Essex and the bank for future growth by coordinating operations and enabling the sale of Essex products under Bank of the West's brand.
"The merger of Essex into Bank of the West will be business as usual for customers and they can expect a seamless experience from us," said Vincent Rice, national consumer finance head at Bank of the West. "By combining the lending power of Essex with the Bank of the West brand, we have the people, infrastructure, flexibility, and expertise to strengthen our ability to provide the highest quality products and services to our customers."
In addition to Essex specialized products being available directly from Bank of the West, current Essex customers will have access to the entire suite of the bank's products and services, such as insurance, auto loans and mortgages. In addition, it is expected that the merger will help to reinforce and grow relationships with affinity partners.
Rice added, "Essex has originated billions of dollars in loans, with hundreds of millions being added each year. Its success is the result of its knowledgeable sales professionals, important strategic alliances, unparalleled service, competitive rates and a dedicated management team. We’re excited to retain this winning formula and position the organization for future growth."
About Bank of the West:
Bank of the West is a regional financial services company chartered in California and headquartered in San Francisco with $69 billion in assets. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 650 offices in 21 states and the internet (bankofthewest.com). Bank of the West is a subsidiary of BNP Paribas, which has a presence in 75 countries with 180,000 employees.
Ayele Ajavon, Bank of the West