Berkshire developing bank
Gary James -- Furniture Today, January 29, 2006
Reno, Nev. — Berkshire Hathaway is working to form an industrial bank that would handle consumer loans for all its R.C. Willey stores as well as other Berkshire companies.
Subject to regulatory approval, the proposed Berkshire Hathaway Bank would be based at R.C. Willey's offices in Salt Lake City.
The bank would allow R.C. Willey to centralize financing into a single entity that could operate easily across state lines.
Currently, when R.C. Willey finances purchases for consumers outside its home Utah market, it does so under the credit rules of the other states. Owning a Utah-based bank with federal deposit insurance will allow it to offer consumers at all stores credit terms that are uniform and based on Utah law. It also could issue its own credit cards.
President Jeff Child said the move, which should gain approval in the next year or so, will give R.C. Willey a competitive advantage.
"It will simplify the way we do business since we won't have to comply with a variety of different requirements for each state. We'll only have to worry about one set of rules."
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