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The National Marine Bankers Association (NMBA) was created in February 1980 to respond to the need of additional and consistent sources of marine financing within the entire marine industry. The twelve charter members we mostly regional banks of that era who were providing limited financial services to the industry. The Association grew steadily over the next few years, reaching its membership peak of 142 members in 1987. During the 1980’s many NMBA members were Savings and Loan institutions and Credit Unions seeking rapid growth for their consumer loan portfolios, spurred by new changes in banking law. Since then, the NMBA has created a significant core group of over 70 experienced marine lenders.
The purpose of the NMBA is to educate current and prospective lenders in marine financing procedures, proactively seek new marine lenders, maintain alliances with industry partners, actively support a network-communication exchange for its members, and continue the overall promotion of marine lending.
Membership in the NMBA includes financial institutions such as commercial banks, private financing firms, savings and loan institutions, credit unions and retail service companies. Members must extend or originate credit to consumers, retailers/dealers and manufacturers of recreational boats and equipment.
The NMBA achieves goals for its members through the use of communications devices known as the “four pillars” of the association:
- Annual Conference: Every year since inception the NMBA hosts a three-day member conference where the latest trends issues relating to the marine industry are discussed in detail.
- Marine Lender’s Workshop: The annual workshop was designed educate current and prospective lenders in most aspects of marine financing including underwriting, collateral valuation, lien perfection, collections, remarketing and much more.
- Annual Report/Survey: Working through an independent firm, the NMBA provides its members national marine retail and floor plan financing statistics and trends.
- Website: Created in August 2001 the Website provides a state of the art communications tool for all members. You can find NMBA data, member locations, newsletters, bulletin boards and more at this site.
Today, due to the efforts of the NMBA, marine financing is widely available throughout the United States. Marine lenders offer a variety of services, from origination only, to funding and servicing loan portfolios. The NMBA continues to play a strong role in educating lenders and consumers alike on the benefits of marine financing.
If you are a bank or lender and are interested in joining the NMBA, please call us at 312-946-6280.
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