Sheffield Financial’s loan originations grew 9.9% year over year in the first quarter, from the same time a year prior, according to the company’s earnings released today.
Sheffield’s parent company, BB&T Corp., continues to experience “solid” seasonal year-over-year loan growth in the specialized lending segment, which includes powersports finance, Kelly King, the bank’s chairman and chief executive, said during the call.
During the quarter, Sheffield tapped Jeff McKay to serve as president, effective April 1, just shy of eight months after announcing Jeff Ellison will take the position. Ellison will transition to a new role as loan administrator with the BB&T Commercial Real Estate and Commercial Credit Administration groups, according to a company press release. Before Ellison, the position was held by Jack Snow, who continues to serve as Sheffield’s chief executive.
Sheffield Financial has remained aggressive with financing promotions throughout the quarter. Most recently, Sheffield enlisted another promotion to offer an APR as low as 3.95% for 72 months on select Kawasaki vehicles. The offer is valid through April 30, according to the OEM’s website.
Sheffield Financial, based in Clemmons, N.C., currently services 14,000 powersports dealers. The full-spectrum lender specializes in financing off-road vehicles, motorcycles, personal watercraft, and snowmobiles.