Regions Bank to Acquire Home Improvement Lender EnerBank USA

Regions Bank on Tuesday announced it has entered into a definitive agreement to acquire home improvement lender EnerBank USA, one of America’s largest specialized home improvement lenders supporting homeowners and contractors through innovative products and digital financing solutions.

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Regions Bank’s acquisition of home improvement lender EnerBank USA will further Regions’ strategy to serve as the premier lender to homeowners. (Graphic: Business Wire)

Based in Salt Lake City, Utah, EnerBank has a nationwide reach, serving over one million homeowners since inception and currently 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, 2021, 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. Other examples include Regions’ 2020 acquisition of equipment finance lender Ascentium Capital and the 2019 acquisition of institutional investment firm Highland Associates. Now, 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.”