Independent Banker - April 2021 - 18

PORTFOLIO
President and CEO
Joanne Rau of Chelsea
State Bank (center-right)
poses with customer
Jerry Bridges (centerleft),
his dog and the
community bank's Mark
Burmis (far left) and
Steve Saules (far right).
◎FOCUS LENDING
Will recreational lending
continue to grow?
Many community banks and their dealership customers saw rising
demand for recreational loans as consumers, including many first-time
buyers, looked to boats, RVs and other vehicles for an escape during the
pandemic. Experts say this sector will remain strong this year and beyond.
By Beth Mattson-Teig
hen the executive team at
Chelsea State Bank sat down
for its 2021 strategic planning
meeting, they discussed further focus
on recreational lending. Like many
community banks, loans for boats,
RVs, ATVs and other sport vehicles
have typically represented a relatively
small percentage of consumer lending
at the Chelsea, Mich.-based bank.
However, the pandemic spurred a
W
surge in sales in recreational vehicles
and equipment that hasn't gone
unnoticed by bankers.
Chelsea State Bank now views
recreational loans as an opportunity
to retain and attract customers and
further diversify its loan portfolio. The
$395 million-asset community bank
plans to step up marketing efforts to
customers and also rely on existing
relationships with local dealerships to
increase its recreational loan volume.
" Marketing is a big part of the
strategy for all of our loan products,
because we're more limited in being
able to meet with people face to
face, " says Mark Burmis, senior vice
president and retail lending manager.
Chelsea State Bank is fortunate to
have a local RV dealer that has been a
customer for decades. The dealership
sold 613 RVs and campers in 2020, a
16% increase from 2019. The majority
of those sales came from first-time
buyers. " Because we're still in the
pandemic, people are going to be
hesitant to get on planes, trains and
cruise ships, " Burmis says. " I think
this is a market that is going to be in
demand going forward. "
A positive lending outlook
Winter Haven, Fla.-based SouthState
Bank is an active recreational lender,
offering loans for the purchase of
boats, RVs and other power sports
equipment such as Jet Skis and dirt
bikes. Those loans typically represent
18 Q ICBA Independent Banker Q April 2021
Photo: Brad Ziegler

Independent Banker - April 2021

Table of Contents for the Digital Edition of Independent Banker - April 2021

Table of Contents
Independent Banker - April 2021 - Cover1
Independent Banker - April 2021 - Cover2
Independent Banker - April 2021 - Table of Contents
Independent Banker - April 2021 - 2
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