Bank of America’s commitment to the RV industry was not diminished by the announcement last week that the bank will discontinue its involvement in auto leasing and subprime real estate lending, according to Eric Telljohann, the new president of the Bank of America Specialty Group.
Telljohann replaces Chuck Baynard, who retired recently.
Bank of America recently completed a comprehensive review of the businesses in which it is involved, and Ken Lewis, president and CEO of the bank, said he is “very happy with the (RV) business,” according to Telljohann.
The bank’s announcement last week was “a very focused announcement about two businesses” and was a “non-event” for the RV industry, where Bank of America is a leading source of dealer inventory finance and loans to retail buyers of RVs, Telljohann said.
Until recently, Telljohann was the head of Bank of America’s auto dealer inventory finance sales force. Consequently, he declined to give a forecast for the RV industry except to say, “We’re optimistic that we’re starting to see a little bit of a recovery.”