SALT LAKE CITY – (COMMERCIAL THREAD) – Home improvement lender EnerBank USA (or “EnerBank”) today announced that after nearly 20 years as a subsidiary of CMS Energy (or “CMS”), EnerBank has agreed to be acquired by Regions Bank (or “Regions”), a subsidiary of Regions Financial Corporation, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.
Since 2002, Salt Lake City-based EnerBank has provided leading home improvement loan programs to US contractors and strategic, enterprise-level partners in the home improvement industry. As a pioneer in specialized home improvement loans, EnerBank has worked with hundreds of loan program sponsors, including thousands of home improvement contractors, serving over 1 million homeowners and funding over 11.6 billion dollars in home improvement projects.
“EnerBank has achieved consistent industry best financial performance and has been a valued member of the CMS Energy family,” said Rejji Hayes, Chairman of the Board of EnerBank and Executive Vice President and Chief Financial Officer of CMS Energy. “As CMS Energy continues to focus on running a world-class energy company, we believe that EnerBank can realize its full potential through Regions Bank. ”
Headquartered in Salt Lake City, with additional offices in Provo, Utah and Mooresville, NC, EnerBank employs more than 450 people and recently announced the construction of its new headquarters in downtown Salt Lake City. EnerBank President and CEO Charlie Knadler sees a bright future for EnerBank employees and customers under a new owner.
“Today marks an extremely exciting new chapter in the remarkable history of EnerBank. Since I joined EnerBank in 2004, I have witnessed significant development in the products and services we provide to our customers, as well as the talent and culture that we have developed as an organization ”, Knadler said. “We have prospered during difficult times such as the Great Recession and, more recently, the COVID-19 pandemic. Through it all, we have provided consistent service and support to our clients in the home improvement industry, excellent career opportunities in our local markets, and superior returns to our parent company. While our CMS family will be missed, we believe that Regions Bank’s experience, expertise and strength will enable EnerBank to expand our reach in home improvement loans and more fully realize our mission of helping entrepreneurs. to grow their business and homeowners to have their dream home.
Regions Financial Corporation is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of personal and commercial banking, wealth management, and mortgage products and services. Regions operates more than 1,300 bank offices and 2,000 ATMs in the Southeast, Midwest and Texas. With the addition of home improvement lender EnerBank to the Regions family, Regions Bank is expanding its range of homeowner lending services by adding point-of-sale home improvement financing capabilities.
“The EnerBank team has built one of the premier brands in home improvement finance,” said Scott Peters, senior executive vice president and head of the Consumer Banking group for Regions Bank. “The regions look forward to providing the resources to EnerBank to accelerate its growth in the future. We believe that the combination of regions and EnerBank will make both organizations stronger, and we couldn’t be more excited about the future together.
The Knadler and EnerBank team will join Regions as part of its Consumer Banking group under Peters.
About EnerBank USA, America’s Lender of Choice for Home Improvement
EnerBank USA® is the largest FDIC-insured home improvement bank in the country, 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 $ 153 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 commercial 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.