Regions Financial: Bank Completes Acquisition of Home Renovation Lender EnerBank USA
The addition of EnerBank accelerates Regions’ strategy to serve as a primary lender to homeowners.
Regions Bank announced Friday that it has completed the acquisition of home improvement lender EnerBank USA. EnerBank is one of the largest point-of-sale lenders in the United States serving homeowners and contractors with a series of loan programs and digital solutions that meet a wide range of home improvement needs.
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The acquisition of home improvement lender EnerBank USA accelerates Regions Bank’s strategy to serve as a primary lender to homeowners. (Graphic: Business Wire)
âThe addition of EnerBank’s exceptional team and cutting-edge technology will help regions deliver even higher value to clients looking for practical and competitive solutions to effectively finance home improvement needs,â said Scott Peters, Senior Executive Vice President and Head of Consumer Banking Services. Group for the Bank of Regions. âIn recent years, we’ve seen a huge demand not only for mortgage and refinancing solutions, but also for new options to finance the improvements people make to their homes. The services provided by EnerBank will allow regions to offer a more comprehensive range of options as part of our goal of serving as a primary lender to homeowners. ”
Through its national reach, EnerBank USA has served over one million homeowners since its inception and currently works with over 10,000 entrepreneurs providing mobile, online and phone-based point-of-sale lending options. Loan services are provided directly to homeowners at the point of sale through contractors who are part of the national EnerBank network.
Over time, the EnerBank USA name will consolidate into the Regions Bank brand. The EnerBank team will remain based primarily in Salt Lake City, Utah, under the leadership of Charlie Knadler, and will join Regions within the Consumer Banking Group.
“EnerBank USA has built a competitive advantage by offering point-of-sale loan programs that empower owners to make necessary improvements while helping entrepreneurs deliver compelling payment options to the people they serve,” Knadler said. âNow, combined with the resources and support from Regions Bank, we are poised for even further growth. We share Regions’ commitment to innovation and superior service, and together we will deliver even greater value to homeowners and home improvement professionals nationwide.
The EnerBank team consists of approximately 485 associates. The company has served homeowners and contractors in all 50 states, with particular strength in much of the regions retail banking footprint in the South, Midwest, and Texas. Prior to its acquisition by Regions Bank, EnerBank USA was a wholly owned subsidiary of CMS Energy Corporation.
About the RÃ©gions Finance Company
Regions Financial Corporation (NYSE: RF), with $ 156 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of personal and business banking services , wealth management and mortgage products and services. Regions serves customers in the South, Midwest and Texas and, through its subsidiary, Regions Bank, operates more than 1,300 bank offices and approximately 2,000 ATMs. Regions Bank is an equal housing lender and member of the FDIC. Additional information about Regions and its full range of products and services is available at www.regions.com.
About EnerBank USA – The Lender of Choice for Home Improvement in the United States
EnerBank USAÂ® is the largest FDIC-insured home improvement bank in the country, providing home improvement loans through strategic business partners and independent home improvement contractors. The company works hand in hand with manufacturers, distributors, franchisors and major retailers of home improvement, renovation and energy conservation products and services. EnerBank’s mission is to grow entrepreneurial businesses by increasing leads, increasing closing rates and increasing average job size, while helping homeowners realize their home improvement dreams. The company’s mobile loan application makes it quick and easy to receive loan approvals and funding requests. Learn more at enerbank.com.
This press release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect Regions Financial’s current views regarding future events and financial performance. The words “future”, “anticipates”, “assumes”, “intends”, “plans”, “research”, “believes”, “predicts”, “. . . . . âTargetsâ, âprojectsâ, âperspectivesâ, âforeseeâ, âwouldâ, âwillâ, âcouldâ, âcouldâ, âcouldâ, âshouldâ, âcouldâ and similar expressions often mean in before forward-looking statements. Forward-looking statements are not based on historical information, but rather relate to future operations, strategies, financial results or other developments. Forward-looking statements are based on management’s expectations and on certain assumptions and estimates made by management and on information available to it at the time the statements are made. These statements are based on general assumptions and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the opinions, beliefs and projections expressed in these statements. If the underlying assumptions prove to be incorrect or if unknown risks or uncertainties arise, actual results could differ materially from those projections or expectations. Factors that could cause Regions Financial’s actual results to differ from those described in the forward-looking statements herein include: synergies, cost savings and other financial or other benefits of the EnerBank transaction may not be realized in the future. expected or could be shorter than expected; difficulties in integrating EnerBank’s activities; the inability of regions to effectively sell products to EnerBank customers; the continuing or potential effects of the COVID-19 pandemic and associated variations and changes on the business, financial condition and results of operations of Regions Financial; and the risks identified in Regions Financial’s annual report on Form 10-K for the year ended December 31, 2020, and our subsequent filings with the Securities and Exchange Commission. However, these risks and uncertainties are not exhaustive. Other sections of these documents describe additional factors that could affect the business, financial performance and completed acquisition transactions of Regions Financial, including the EnerBank transaction. You should not place undue reliance on forward-looking statements, which speak only as of the date they are posted. We assume no obligation to update or revise any forward-looking statements that are made from time to time.