Posts Tagged ‘1st source bank’

RV/MH Hall of Fame Head saves over $600,000

October 22nd, 2015 Comments off

rv mh half of fame in Elkhart INDDarryl Searer, chairman and president of the Recreational Vehicle/Manufactured Housing (RV/MH) Hall of Fame in Elkhart, Indiana has announced that a 12-year loan taken out to purchase the David Woodworth antique RV collection has been paid in full— in just 2½ years, saving the Hall $565,000.

Searer successfully renegotiated the $1.165 million loan down to a $600,000 cash settlement, borrowing the money from 1st Source Bank. By negotiating the loan from a 4.5 percent interest rate down to a 3.5 percent rate, Searer saved the Hall an additional $50,000, as elkharttruth tells MHPronews.

When Searer took over the helm in 2012, the Hall was in danger of closing due to financial problems, but Searer has managed to turn the situation around. “There’s light at the end of the tunnel,” he said. The debt elimination challenge, initiated by Kevin Clayton of Clayton Homes, which is a competition between the MH and the RV industries to each raise $1 million, has resulted in more than $715,000 raised to date. ##

(Photo credit: RV/MH Hall of Fame and Museum)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

RV/MH Hall of Fame Nears Goal

April 3rd, 2013 Comments off

In honor of Fleetwood Enterprises founder John C. Crean, the Crean Foundation has donated $60,000 to the RV/MH Hall of Fame’s “Burn the Bank Note” initiative to raise $150,000 by April 30, 2013, according to information MHProNews has received. The Robert “Boots” Ingram’s family challenge grant of $50,000 requires the Hall to raise $100,000. Combined with other recent donations, the Hall needs just under $30,000 to reach the challenge by the deadline, and pay off the 1st Source Bank note by May 1. A $10,000 donation came from Lyle D. & Nellie R. Reed Charitable Foundation to honor the memory of Clarence Fore, founder of Foretravel; $2,000 by Ace Fogdall RV to honor the memory of its founders Ace & Florence Fogdall; and $1,000 by Michael A Schneider, MAS Associates. Hall president Darryl Searer said, “Time is running out for us to qualify for the Ingram Family’s $50.000 challenge grant. It would be a shame to leave that amount on the table and miss the opportunity to pay off our bank note.”

(Photo credit: RVBusiness—RV/MH Hall of Fame Museum, Elkhart, Ind.)

Museum Whittling away at Debt

February 25th, 2013 Comments off

The RV/MH Hall of Fame Museum in Elkhart, Ind. still has until April 30 to reach the $150,000 contribution mark to meet the Robert “Boots” Ingram family’s challenge grant that would pay off the Hall’s bank note to 1st Source Bank. Contributions so far are just under $50,000, leaving about $100,000 still to raise to meet the goal, according to Hall president Darryl Searer. The $840,000 owed less than a year ago has been reduced to below $200,000, and a countdown clock has been added to the website so visitors may track the progress, as MHProNews has learned. Says Barry Cole, chairman of the Hall’s board of directors, “We have come a long way in less than a year to bring the Hall back to the prominence it had before where donors are worry free and proud to contribute again. Much of the credit for the turnaround must go to Darryl Searer, who volunteered on a no-compensation basis to become the Hall’s president because he believed our Hall of Fame and Museum was too important to the RV/MH industries to allow it to go away.”

(Photo credit: RV/MH Hall of Fame)

Peer Challenge will Benefit RV/MH Museum

November 6th, 2012 Comments off

Jay Hesse of Blue Ox has donated $5,000 to the RV/MH Hall of Fame Museum in Elkhart, Ind., and has set up a “peer challenge” program to encourage other RV/MH industry donations to pay off the bank note by April 30, 2013. Anyone donating $1,000 or more would challenge three others in the industry through the Hall’s website to match or exceed their donation. Each of those challenged that responded positively would then continue the challenge to three additional potential donors to further spread the web. Hall president Darryl Searer says, “ I’ve learned since becoming president of the Hall that people in both the RV and Manufactured Housing industries are generous and would be happy to make a contribution if asked. And the Peer Challenge makes it easy to ask.” MHProNews posted in a DBN July 26, 2012, the Hall exceeded its fund-raising goal of $150,000, the same sum it is trying to now raise. It now must match the Robert “Boots” Ingram $50,000 family challenge grant to pay off the $200,000 1st Source Bank loan.

(Photo credit: RV/MH Hall of Fame–Jay Hesse)

Over $62k has been Raised

July 3rd, 2012 Comments off

RVBusiness reports the RV/MH Hall of Fame & Museum has garnered $62,740 since the initiative began May 1 in its fundraiser goal to meet the Ingram family’s $100,000 Challenge Grant. June donations totaled $6,800 including $2,750 in the Hall’s “Walk of Fame” Brick Program donations. Darryl Searer, president of the Hall, says, “Even though contributions ranging from $5 to $2,500 continue to come in, we will need an ‘angel’ or two who will follow the example of Marcus Lemonis (chairman of Camping World Inc. and Good Sam Enterprises LLC) and Don Wallace (co-founder of Lazydays RV Super Center) who each donated $25,000.” The additional $37,260 needs to be raised by Aug. 31 to meet the Ingram’s challenge and pay down the loan at 1st Source Bank. MHProNews has learned tax deductible donations can be made through the Hall’s website

(Photo credit: RV/MH Hall of Fame Museum)

Museum Seeking more Contributions

May 9th, 2012 Comments off

As follow up to a story we last covered March 16, 2012, RVBusiness tells the RV/MH Hall of Fame and Museum in Elkhart, Indiana has initiated a new campaign to raise $100,000 by Aug. 31 to reduce its $200,000 bank loan with 1st Source Bank. The Boots Ingram family has issued a $100,000 challenge grant that will essentially cut the loan in half. Darryl Searer, president of the RV/MH Heritage Foundation, said, “The Ingrams continue to show their support for the Hall, and their generosity in making this challenge should inspire everyone concerned about the long-range health of our wonderful facility to pitch in and help.”

(Photo credit: RV/MH Hall of Fame and Museum)

RV/MH Museum Gets another Reprieve

March 16th, 2012 Comments off

The RV/MH Hall of Fame and Museum in Elkhart, Indiana has re-structured millions of dollars of debt to give it more time to pay the $4 million it owes to 1st Source Bank and the family of the late Robert “Boots” Ingram, according to The Elkhart Truth. WSBT tells the funds were used to enlarge the facility and purchase a collection of pre-WWII vintage RVs. The re-structuring will extend the loans’ due dates and reduce the museum’s monthly payments. 1st Source lowered the interest rate, and the Ingram family forgave overdue interest payments, and has agreed to wait until the bank is paid off in 2016 before receiving payments or interest on its loan. Additionally, the Ingram family will match any individual contributions up to $100,000 raised before Aug. 2012. While the re-structuring will provide a temporary cushion, the Museum owes a $90,000 sewer bill to the city of Elkhart, which the city had held off pursuing. See previous story from Dec. 26, 2011.

(Photo credit: RV/MH Hall of Fame and Museum