Regions Bank closes on Utah-based home improvement lender
Regions Bank announced today that it has completed the acquisition of a Utah-based home improvement lender.
EnerBank USA is a point-of-sale lender serving homeowners and contractors through a series of loan programs and digital solutions for home improvement needs.
EnerBank USA has served over a million homeowners during the life of the business and currently works with over 10,000 contractors. Loan services are provided directly to homeowners through contractors in the national EnerBank network.
Over time, the EnerBank USA name will consolidate into the Regions Bank brand, the company said. Prior to its acquisition by Regions Bank, EnerBank USA was a wholly owned subsidiary of CMS Energy Corporation.
Scott Peters, senior executive vice president and head of Consumer Banking for Regions Bank, said the market had seen “huge demand” not only for mortgages and refinancing, but also for home renovations.
“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,” said Peters.
EnerBank will remain based primarily in Salt Lake City under the leadership of Charlie Knadler and will join Regions within the Consumer Banking Group. The company has approximately 485 employees.