EnerBank officially joins Regions’ Consumer
Banking Group, effective Oct. 1.
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 executive vice president 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 said. “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,” said 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 its full line of products and
services can be found at www.regions.com.
Forward-Looking Statements
This release may include forward-looking statements as defined
in the Private Securities Litigation Reform Act of 1995, which
reflect Regions Financial’s current views with respect to future
events and financial performance. The words “future,”
“anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,”
“predicts,” “potential,” “objective,” “estimates,” “expects,”
“targets,” “projects,” “outlook,” “forecast,” “would,” “will,”
“may,” “might,” “could,” “should,” “can,” and similar expressions
often signify forward-looking statements. Forward-looking
statements are not based on historical information, but rather are
related to future operations, strategies, financial results, or
other developments. Forward-looking statements are based on
management’s expectations as well as certain assumptions and
estimates made by, and information available to, management at the
time the statements are made. Those statements are based on general
assumptions and are subject to various risks, uncertainties, and
other factors that may cause actual results to differ materially
from the views, beliefs, and projections expressed in such
statements. If underlying assumptions prove to be inaccurate or
unknown risks or uncertainties arise, actual results could vary
materially from these projections or expectations. Factors that
could cause Regions Financial’s actual results to differ from those
described in the forward-looking statements herein include:
expected synergies, cost savings, and other financial or other
benefits of the EnerBank transaction might not be realized within
the expected timeframes or might be less than projected;
difficulties in integrating EnerBank’s business; inability of
Regions to effectively cross-sell products to EnerBank’s customers;
the continued or potential effects of the COVID-19 pandemic and
related variants and mutations on Regions Financial’s business,
financial condition, and results of operations; 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 are not exhaustive. Other sections of such
filings describe additional factors that could impact Regions
Financial’s business, financial performance, and consummated
acquisition transactions, including the EnerBank transaction. You
should not place undue reliance on any forward-looking statements,
which speak only as of the date made. Regions Financial assumes no
obligation to update or revise any forward-looking statements that
are made from time to time.
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version on businesswire.com: https://www.businesswire.com/news/home/20211001005516/en/
Joel Cannon 801.736.8302 jcannon@enerbankusa.com
Jeremy D. King 205.264.4895 jeremyd.king@regions.com
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