Hampton Roads Bankshares (HMPR) is launching a marine financing unit for its subsidiary Shore Bank.
Shore Premier Finance will focus on marine financing for U.S. Coast Guard-documented vessels. The lending unit is going to be based in Baltimore.
The new unit will be led by experienced lending professionals who come from a large European bank, including its global director of boat financing, the company says.
"The launch of SPF creates a compelling value proposition that is unique to our company," Douglas Glenn, the chief executive of the $2 billion-asset Hampton Roads, said in a news release. "We have great respect for the strong business they have built over the past five-plus years, their deep expertise in marine finance and related areas and the quality of the customers they will bring to our company."