Regions Bank, a Birmingham, Alabama-based banking company, has agreed to acquire home improvement lender Salt Lake City’s EnerBank USA. EnerBank is one of America’s largest specialized home improvement lenders supporting homeowners and contractors through products and digital financing solutions.
Regions Financial Corp. serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and 2,000 ATMs.
EnerBank has a nationwide reach, serving over 1 million homeowners since inception and currently serving over 10,000 contractors through mobile, online and phone-based point-of-sale lending options. With approximately $2.8 billion in loan balances as of March 31, EnerBank’s platform complements Regions’ recent investments in mortgage and home equity lending services.
The acquisition also continues Regions’ strategy of acquiring businesses that deliver important additional products for Regions’ customers, the bank said. With the addition of home improvement lender EnerBank, Regions Bank expands its suite of lending services to homeowners by adding point-of-sale home improvement financing capabilities.
“We are thrilled the EnerBank team will be joining Regions as we accelerate our strategy to serve as the premier lender to homeowners by offering more innovative financial solutions that prioritize ease of use and deliver a positive customer experience,” said Scott Peters, senior executive vice president and head of the Consumer Banking Group for Regions Bank. “We have thoughtfully evaluated the home improvement point-of-sale lending space for a number of years, and we believe this is the right partner at the right time to deliver on our vision. EnerBank’s platform and skilled financial professionals, combined with the reach and experience of Regions’ consumer banking teams, will help us deepen relationships with clients while reaching new customers with convenient home improvement lending options.”
“EnerBank USA serves homeowners and home improvement contractors in all 50 states, including Regions Bank’s markets across the Southeast, Texas and the Midwest. By joining the team at Regions, we have a tremendous opportunity to connect more clients with custom-tailored home improvement lending options,” said Charlie Knadler, president and CEO of EnerBank USA. “For nearly 20 years, EnerBank’s point-of-sale loan programs have helped contractors grow their businesses by delivering attractive payment options for their customers while allowing homeowners to maintain and improve their most important investment. This combination with Regions brings together the strengths of two great companies that are putting customers first.”
Knadler and EnerBank’s team will join Regions as part of its Consumer Banking Group reporting to Peters. EnerBank will maintain its headquarters presence in Salt Lake City.
Terms of the acquisition were not disclosed.
