Better together: Regions Bank completes takeover of EnerBank USA

SALT LAKE CITY – (BUSINESS WIRE) – Bank and regions The DIY store loan EnerBank USA announced on Friday that the takeover of EnerBank by Regions had received official approvals and will be completed with effect today.

EnerBank employees come from Regions as part of the Consumer Banking Group. Regions Bank is a subsidiary of Regions Financial Corporation, one of America’s largest full-service providers of private and commercial banks, asset management, and mortgage products and services.

Scott Peters, Senior Executive Vice President and Head of Consumer Banking Group for Regions, said EnerBank and their team are an ideal match as Regions accelerates its strategy to become the leading homeowner lender. With a customer base spanning across the United States, EnerBank serves contractors and homeowners through a range of loan programs and financing solutions that support a wide range of home improvement needs.

“The addition of EnerBank’s exceptional team and cutting-edge technology will help Regions add even more value to customers looking for convenient, competitive solutions for efficient home improvement financing,” said Peters. “In the past few years we have seen tremendous demand not only for mortgage and refinancing solutions, but also for new options for financing home renovations. The services provided by EnerBank will allow regions to offer a wider range of options as part of our focus on being the homeowner’s premier lender. ”

Since 2002, Salt Lake City-based EnerBank has offered leading home loan programs to US-based contractors as well as corporate strategic partners in the home improvement industry. As a pioneer in specialized home finance, EnerBank has worked with hundreds of loan program sponsors, including thousands of home builders, served over a million homeowners, and funded more than $ 12 billion in home improvement projects.

EnerBank will maintain its headquarters in Salt Lake City, with many team members moving into parts of 650 Main, a modern Class A office and retail complex under development in the downtown area. The division will continue to be led by Charlie Knadler, who moves to Regions as part of the Consumer Banking Group.

“Today begins a new journey as part of a strong and united team at Regions Bank,” said Knadler. “Together, we will expand home improvement credit options, products and services to maintain our leading position in the industry. We look forward to serving contractors 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 more value for the customers and communities we serve. ”

EnerBank will continue to operate under the EnerBank brand in the coming months; However, contractors and sponsors can expect a gradual transition of the brand identity to the regions over time.

About EnerBank USA – America’s Preferred Home Improvement Lender

EnerBank USA® is a specialist home improvement lender providing home improvement loans through strategic business partners and independent 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 the home builders business by growing leads, increasing close rates, and increasing the average job size while helping homeowners achieve their home improvement dreams. Learn more at enerbank.com.

About Regions Financial Corporation

Regions Financial Corporation (NYSE: RF) has $ 156 billion in assets. Regions Financial Corporation serves clients in the South, Midwest and Texas and operates more than 1,300 banking offices and 2,000 ATMs through its subsidiary, Regions Bank. Regions Bank is an Equal Housing Lender and a member of the FDIC. For more information about regions and their full range of products and services, please visit www.regions.com.

Forward-Looking Statements

This press release may contain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995, that reflect Regions Financial’s current views with respect to future events and financial performance. The words “future”, “anticipated”, “assumed”, “intends”, “planet”, “seeks”, “believes”, “predicts”, “potential”, “objective”, “estimates”, “expects” ” Goals ”,“ projects ”,“ outlook ”,“ forecast ”,“ would ”,“ will ”,“ can ”,“ could ”,“ could ”,“ should ”,“ can ”and similar expressions often mean forward 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 certain assumptions and estimates made by management and the information available to management at the time these statements are made. These statements are based on general assumptions and are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the views, beliefs and projections expressed in such statements. If the underlying assumptions prove to be inaccurate or if unknown risks or uncertainties arise, the actual results may differ materially from these forecasts or expectations. Factors that could cause Regions Financial’s actual results to differ from the forward-looking statements described herein include: expected synergies, cost savings and other financial or other benefits of the EnerBank transaction may not be realized or will not be realized in the anticipated timeframe lower than projected; Difficulties in integrating EnerBank’s business; Inability of the regions to effectively sell products to EnerBank customers; the ongoing or potential impact of the COVID-19 pandemic and its associated variants and mutations on the business, financial condition and results of operations of Regions Financial; and risks identified in Regions Financial’s Annual Report on Form 10-K for the year ended December 31, 2020 and the company’s subsequent filings with the Securities and Exchange Commission. However, these risks and uncertainties do not claim to be exhaustive. Other sections of such filings 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 any forward-looking statements that speak only as of the date of this publication. Regions Financial assumes no obligation to update or revise any forward-looking statements from time to time.

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