RM Regional Management Corp

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 31, 2023

 

 

Regional Management Corp.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-35477	57-0847115
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
979 Batesville Road, Suite B
Greer, South Carolina				29651
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (864) 448-7000

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.10 par value		RM		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 31, 2023, the employment of John D. Schachtel, Executive Vice President and Chief Operating Officer of Regional Management Corp. (the “Company”), was terminated without cause, effective immediately. The termination of Mr. Schachtel’s employment will be treated as a “Qualifying Termination” under the Regional Management Corp. Executive Severance and Change in Control Plan (the “Plan”), previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 10, 2023. As a result, Mr. Schachtel will be entitled to receive benefits under the Plan, subject to his compliance with the restrictive covenants contained in the Plan.

On January 3, 2024, the Company issued a press release announcing Mr. Schachtel’s termination as Executive Vice President and Chief Operating Officer, effective as of December 31, 2023. The full text of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press Release issued by Regional Management Corp. on January 3, 2024 (regarding executive transition matters).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			Regional Management Corp.
Date:	January 3, 2024	By:	/s/ Harpreet Rana
			Harpreet Rana Executive Vice President and Chief Financial Officer

 

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Regional Management Corp. Announces Departure of Chief Operating Officer John Schachtel

 

Greenville, South Carolina – January 3, 2024 – Regional Management Corp. (NYSE: RM), a diversified consumer finance company, today announced that Executive Vice President and Chief Operating Officer John Schachtel is leaving Regional Management. Rob Beck, President and Chief Executive Officer, and other members of the executive team are expected to absorb Mr. Schachtel’s responsibilities post-departure.

“On behalf of the entire Regional Management team, we want to thank John for all of his valuable contributions to Regional Management,” said Mr. Beck. “John played an important role over the last six and a half years as we scaled our operations and markedly grew our geographic footprint in order to serve our customers across the nation. We wish John all the best in his future endeavors.”

 

“It has been my distinct pleasure to work alongside the incredible Regional team – from senior management to our team members at the branches – and I will certainly miss everyone,” said Mr. Schachtel. “I am confident that Regional will continue to grow and prosper in the months and years to come.”

 

About Regional Management Corp.

 

Regional Management Corp. (NYSE: RM) is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” online and in branch locations in 19 states across the United States. Most of its loan products are secured, and each is structured on a fixed-rate, fixed-term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. Regional Management sources loans through its multiple channel platform, which includes branches, centrally managed direct mail campaigns, digital partners, and its consumer website. For more information, please visit www.RegionalManagement.com.

 

Contact:

Investor Relations
Garrett Edson, (203) 682-8331

investor.relations@regionalmanagement.com

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Document And Entity Information	Dec. 31, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Entity Registrant Name	Regional Management Corp.
Entity Central Index Key	0001519401
Entity Emerging Growth Company	false
Entity File Number	001-35477
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	57-0847115
Entity Address, Address Line One	979 Batesville Road, Suite B
Entity Address, City or Town	Greer
Entity Address, State or Province	SC
Entity Address, Postal Zip Code	29651
City Area Code	(864)
Local Phone Number	448-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	RM
Security Exchange Name	NYSE

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