Home Depot: The One Stop Home Improvement Shop
By George Anderson
If federal regulators approve Home Depot’s acquisition of EnerBank USA, a state chartered bank in Utah that provides home improvement loans to consumers referred by building contractors, then there will be virtually nothing the chain will not be able to provide consumers and professional customers when it comes to construction projects.
“This acquisition is another part of our strategy to expand our business and relationships with professional customers,” said Frank Blake, executive vice president, business development and corporate operations for Home Depot in a company press release. “EnerBank has a unique way of helping home improvement contractors grow their business, especially the smaller contractors who frequent our retail stores. Enerbank’s focus on offering loans via contractor referrals complements our existing credit offerings and partnerships.”
While the benefits to Home Depot in acquiring EnerBank are obvious, the company signing a definitive agreement to purchase the business is far from a done deal. Wal-Mart has encountered fierce opposition in its plan to buy a Utah state chartered industrial bank.
For its part, EnerBank seems pleased with the deal to become part of Home Depot’s ever-expanding retail empire.
Louise Kelly, CEO of EnerBank, said in released statement, “This acquisition gives us the opportunity to offer our services to The Home Depot’s large contractor customer base. This growth opportunity and the resources of The Home Depot will also strengthen the high level of service we offer to our existing contractors and program sponsors.”
Terms of the deal were not disclosed.
Moderator’s Comment: What would Home Depot’s acquisition of EnerBank USA mean for the retailer? Is there a difference between Home Depot’s plan to buy
a state chartered industrial bank and what Wal-Mart is doing? Is the outcome in one case likely to have any impact on the outcome of the second? –
George Anderson – Moderator
- The Home Depot To Acquire EnerBank USA – The Home Depot/ PRNewswire-FirstCall via
COMTEX News Network