agreed Tuesday to acquire remodeling lender EnerBank USA from
Terms weren't disclosed, but Atlanta-based Home Depot said the deal would help it serve its contracting customers in another way.
EnerBank USA provides home-improvement loans that remodeling and trade contractors can offer their customers. It provides loans for window and door replacements, heating and air conditioning upgrades, kitchen and bath remodeling, roofing, painting and landscaping work.
"This acquisition is another part of our strategy to expand our business and relationships with professional customers," said Home Depot exec Frank Blake. "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."
EnerBank will continue to be run by its current leadership. EnerBank is an industrial bank chartered in the state of Utah. At the end of fiscal 2005, EnerBank employed 37 associates and had net loan assets of $76 million.