Regions Bank, a subsidiary of Regions Financial Corporation, will acquire home improvement lender EnerBank USA, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.
For the past 20 years, EnerBank has been a subsidiary of CMS Energy. Since 2002, Salt Lake City-based EnerBank has funded over $11.6B in home improvement projects, the company said.
“The EnerBank team has built one of the premier brands in the home improvement finance space,” said Scott Peters, senior executive vice president and head of the Consumer Banking Group for Regions Bank. “Regions looks forward to providing the resources to EnerBank to accelerate growth into the future. We believe the combination of Regions and EnerBank will make both organizations stronger, and we couldn’t be more excited about the future together.”
Knadler and EnerBank’s team will join Regions as part of its Consumer Banking Group reporting to Peters.
“Since joining EnerBank in 2004, I have witnessed significant development in the products and services we offer our customers, as well as the talent and culture we have developed as an organization,” EnerBank president & CEO Charlie Knadler said. “While we will miss our CMS family, we believe the experience, expertise, and strength of Regions Bank will allow EnerBank to expand our reach into home improvement lending and more fully achieve our mission to help contractors grow their business, and homeowners to have the home of their dreams.”
EnerBank employs over 450 people and recently announced construction of its new headquarters in downtown Salt Lake City.