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Financial Advisor

Regions Financial Corp.

$960 Million 06/08/2021 Depository Complete
Public Companies
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Transaction Details

  • On June 8, 2021, Regions Bank, a subsidiary of Regions Financial Corporation (NYSE: RF) (“Regions”), announced it has entered into a definitive agreement to acquire home improvement lender EnerBank USA (“EnerBank”)
    • − Regions’ acquisition of EnerBank from CMS Energy Corporation is expected to close in the fourth quarter of 2021, subject to regulatory approvals and satisfaction of customary closing conditions
  • The acquisition continues Regions’ strategy of acquiring businesses that deliver important additional products for Regions’ customers

About the company

Regions Financial Corporation
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 consumer and commercial banking, wealth management, and mortgage products and services.

EnerBank USA
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. EnerBank’s 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.

Sources: Company Provided and Publicly Available information
  1. Loan size is on average $14,000 with weighted average life of ~3 years

  2. On average, 6-7% of the loan yield is paid by the consumer, 2-3% is paid by the contractor.

  3. $2.7B of outstanding non-transaction deposits; WAL of deposits is ~2 years; Regions will replace EnerBank’s funding base over time

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