Regions to acquire Utah-based home improvement lender

regionsRegions Bank today announced it has agreed to acquire home improvement lender EnerBank USA, which is based in Salt Lake City, Utah.

EnerBank is one of the country’s largest specialized home improvement lenders, supporting homeowners and contractors. The company had about $2.8 billion in loan balances as of March 31, according to Regions.

The purchase of EnerBank, Regions says, continues a strategy of buying businesses that deliver additional products for Regions’ customers. Those purchases also include the 2020 acquisition of Ascentium Capital and the 2019 acquisition of Highland Associates.

“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.”

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