Posted June 11, 2021
On June 8th, Birmingham’s own Regions Bank announced its plans to acquire the Salt Lake City-based EnerBank USA for a whopping $960 million (with a “M”). This is definitely a “big” deal, Birmingham! Read on for all the details.
The $960M deal isn’t Regions Bank’s First Rodeo
Based out of Salt Lake City, Utah, EnerBank USA is a home improvement lender that currently serves over one million homeowners through a network of 10,000+ contractors across the country. Now, Regions Bank is planning to acquire the company later this year.
The deal is the latest in a series of acquisitions by the Birmingham-based banking giant. Over the past several years, Regions Bank has acquired smaller businesses in an effort to provide additional services for their customers.
For instance, Regions Bank acquired Ascentium Capital, a Texas-based business equipment financing and leasing company, in 2020. In 2019, Regions Bank acquired the local Highland Associates Inc., an investment firm that managed roughly $26B in client assets at the time.
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