Better Together: Regions Bank completes the acquisition of EnerBank USA
SALT LAKE CITY – (COMMERCIAL THREAD) – Bank and Home improvement lender EnerBank USA announced Friday that the regions acquisition of EnerBank has received regulatory approvals and is complete, effective today.
EnerBank employees join Regions within its Consumer Banking group. Regions Bank is a subsidiary of Regions Financial Corporation, one of the largest full-service providers in the United States of personal and commercial banking, wealth management, and mortgage products and services.
Scott Peters, Senior Executive Vice President and Head of Consumer Banking Group for Regions, said EnerBank and his team are an ideal fit as Regions accelerates its strategy to serve as a primary lender to homeowners. With a customer base that spans across the United States, EnerBank serves contractors and homeowners through a series of loan programs and financing solutions that meet a wide range of home improvement needs. .
“The addition of EnerBank’s exceptional team and cutting-edge technology will help regions deliver even more value to customers looking for practical and competitive solutions to effectively finance home improvement needs,” said Peters. “In 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. ”
Since 2002, Salt Lake City-based EnerBank has offered leading home improvement loan programs not only to US-based contractors, but also to strategic, enterprise-level partners in the home improvement industry. home renovation. As a pioneer in specialty home improvement loans, EnerBank has worked with hundreds of loan program sponsors, including thousands of home improvement contractors, serving over one million homeowners and funding over $ 12 billion. dollars in home improvement projects.
EnerBank will maintain its head office presence in Salt Lake City, with many team members slated to occupy parts of 650 Main, a modern Class A office and retail complex being developed downtown. city. The division will continue to be led by Charlie Knadler who will join Regions within the Consumer Banking Group.
“Today begins a new journey within a strong and united team of the Regional Bank,” said Knadler. “Together, we will expand the possibilities for home improvement loans, products and services to maintain our leadership in the industry. We look forward to serving entrepreneurs and homeowners across the country under the Regions Bank brand. And we’re excited to be part of an organization that invests in long-term growth and creates even greater value for the customers and the communities we serve.
EnerBank will continue to operate under the EnerBank brand over the coming months; however, entrepreneurs and sponsors can expect a gradual shift in branding to regions over time.
About EnerBank USA, America’s Lender of Choice for Home Improvement
EnerBank USA® is a specialized home improvement lender, providing home improvement loans through strategic business partners and independent home improvement contractors. We work hand in hand with manufacturers, distributors, franchisors and leading retailers of home improvement, renovation and energy saving products and services. Our 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. Learn more at enerbank.com.
About the Régions 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 Financial Corporation serves customers in the South, Midwest and Texas and, through its subsidiary, Regions Bank, operates more than 1,300 bank offices and 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.
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”, “. . . . . “Targets”, “projects”, “perspectives”, “foresee”, “would”, “will”, “could”, “could”, “could”, “should”, “could” 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 subsequent filings of the company 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. Regions Financial assumes no obligation to update or revise any forward-looking statements that are made from time to time.