Salt Lake City — Regions Bank and home improvement lender EnerBank USA on Friday announced the acquisition of EnerBank by Regions has received regulatory approvals and is completed, effective today.
EnerBank employees join Regions as part of its Consumer Banking Group. Regions Bank is a subsidiary of Regions Financial Corporation, one of America’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services.
Scott Peters, senior EVP and head of the Consumer Banking Group for Regions, said EnerBank and its team are an ideal fit as Regions accelerates its strategy to serve as the premier lender to homeowners. With a client base that stretches across the U.S., EnerBank serves contractors and homeowners through a series of loan programs and financing solutions that support a wide range of home improvement needs.
“The addition of EnerBank’s exceptional team and leading-edge technology will help Regions deliver even greater value to customers who are seeking convenient, competitive solutions for efficiently financing home improvement needs,” Peters says. “In recent years, we have seen tremendous demand not only for mortgage and refinancing solutions but also for new options to finance upgrades people are making to their homes. The services provided by EnerBank will enable Regions to deliver a more complete range of options as part of our focus on serving as the premier lender to homeowners.”
Since 2002, Salt Lake City-based EnerBank has offered leading home improvement loan programs to not only U.S.-based contractors but also enterprise-level strategic partners in the home improvement industry. As a pioneer in specialized home improvement lending, EnerBank has worked with hundreds of loan program sponsors, inclusive of thousands of home improvement contractors, serving over a million homeowners and funding over $12 billion in home improvement projects.
EnerBank will maintain its headquarters presence in Salt Lake City, with many team members scheduled to occupy portions of 650 Main, a modern Class A office and retail complex under development downtown. The division will continue to be led by Charlie Knadler who will join Regions as part of the Consumer Banking Group.
“Today starts a new journey as part of a strong and united Regions Bank team,” says Knadler. “Together, we will expand home improvement lending opportunities, products, and services to continue our leadership in the industry. We look forward to serving contractors and homeowners nationwide under the Regions Bank brand. And we are excited to be part of an organization that is investing in long-term growth and creating even greater value for the customers and communities we serve.”
EnerBank will continue to operate under the EnerBank brand during the coming months; however, contractors and sponsors can expect to see a gradual branding transition to Regions over time.
About EnerBank USA—America’s home improvement lender of choice
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 major retailers of home improvement, remodeling, and energy-saving products and services. Our mission is to grow contractors’ businesses by increasing leads, boosting close rates, and growing average job size, while helping homeowners fulfill their home improvement dreams. Learn more at enerbank.com.
About Regions Financial Corporation
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 consumer and commercial banking, wealth management, and mortgage products and services. Regions Financial Corporation serves customers across the South, Midwest, and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and their full line of products and services can be found at www.regions.com.