KeyBank pulling out of marine lending Thursday, 25 September 2008 11:57
KeyBank, one of the largest marine lenders in the country, announced
today that it is pulling out of the marine lending business and ending
recreational lending altogether.

Grant Skeens, president and CEO of Key Recreation Lending, confirmed
that the bank is pulling out of the marine and RV retail and commercial
lending business, ending its 50 years in recreational lending. The
announcement was made to employees at 10:30 (EDT) today.

The last day marine retail applications will be taken is Oct. 27, and
the last day for funding applications will be Nov. 14, Skeens told Trade
Only Today this morning. The bank will work to transition its dealers to
other sources of floorplan funding over the next 90 to 120 days, he said.

Skeens said the decision was "very difficult."

"Certainly if you look at the prospects for the [marine] industry over
the next 12 to 18 months, they aren't very rosy," Skeens said. "I would
tell you margins in retail continue to be thin for lenders."

KeyBank is one of several lenders to recently pull out of marine
lending. This summer, Citizens Bank and Wachovia pulled out of marine
finance altogether, and GE Money quit retail marine lending.
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The fundamentals of our economy are strong - John McCain, September 2008