Fifth Third Bank announced it’s acquiring Chicago-based MB Financial Bank earlier this week, along with the company’s powersports portfolio.
It’s unclear at this time how the merger will impact the powersports space more generally, but one OEM — Vanderhall Motor Works — is not letting the move derail its pursuits to partner with lenders such as MB Financial.
“The acquisition by Fifth Third bank did not influence negatively any motivations of continuing to pursue a more universal arrangement with them,” a spokesman told Powersports Finance.
MB Financial does not break out powersports specifically in earnings but did report a $692 million in indirect vehicle outstandings up from $573 million the same period the year prior.
Indirect vehicle lending — including RVs, boats, and motorcycles — is expected to continue to grow throughout 2018 for the company topping $720 million in portfolio outstandings by year-end compared with $615 million the year prior, according to a Wedbush Securities report published this week in reaction to the merger.
MB Financial last year joined a dozen other powersports lenders on the retail marketplace RumbleOn to provide financing for consumers seeking a loan online through the platform.
Fifth Third, on the other hand, does not have a strong presence in the powersports space and could not be reached for comment by press time regarding its appetite to extend financing for motorcycles. Fifth Third does offer a credit card for MotorSports though, specifically for the Daytona International Speedway.
