Effective October 1, 2021, EnerBank USA ("EnerBank") merged with and into Regions Bank. Learn more here

EnerBank Expands Home Improvement Lending Through An Acquisition By Regions Bank

June 8, 2021

SALT LAKE CITY – Jun 08, 2021 –(BUSINESS WIRE)–Home improvement lender EnerBank USA (or “EnerBank”) announced today that after almost 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 offered leading home improvement loan programs to U.S.-based contractors and 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 $11.6B in home improvement projects.

“EnerBank has delivered consistent industry-leading 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. “While CMS Energy continues to focus on leading a world-class energy company, we believe that EnerBank can achieve its full potential as part of Regions Bank.”

Headquartered in Salt Lake City, with additional offices in Provo, Utah, and Mooresville, North Carolina, EnerBank employs over 450 people and recently announced construction of its new headquarters in downtown Salt Lake City EnerBank President & CEO Charlie Knadler sees a bright future for EnerBank employees and clients under new ownership.

“Today marks an extremely exciting new chapter in EnerBank’s remarkable story. 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,” Knadler said. “We have thrived through challenging times such as the great recession, and more recently the COVID-19 pandemic. Through it all, we have delivered consistent service and support to our clients in the home improvement industry, excellent career opportunities to our local markets, and premium returns to our parent. 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.”

“Today marks an extremely exciting new chapter in EnerBank’s remarkable story. 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,” Knadler said. “We have thrived through challenging times such as the great recession, and more recently the COVID-19 pandemic. Through it all, we have delivered consistent service and support to our clients in the home improvement industry, excellent career opportunities to our local markets, and premium returns to our parent. 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.”

“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.

About EnerBank USA—America’s home improvement lender of choice

EnerBank USA® is the largest specialized home improvement FDIC-insured 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 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.

Contact:
Joel Cannon

jcannon@enerbankusa.com
(801) 736-8302