Home Depot To Enter Banking

Published May 11, 2006, 1:00 a.m. EDT

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Updated August 27, 2020, 2:13 a.m. EDT

1 Min Read

ATLANTA - (05/11/06) Home repairs giant Home Depotannounced Wednesday it has agreed to acquire an Industrial LoanCompany charter, a state chartered bank, the latest non-financialcompany to enter the banking business. The deal comes as thecontroversy over Wal-Marts application continues to festerwhile the FDIC considers the retail giants bid for an ILCbank charter. Home Depot said it will use the bank to providefinancing for contractors, homeowners engaged in remodeling andother large-scale purchasers. The deal calls for Home Depot toacquire the ILC charter of EnerBank, which offers consumers 100%financing on home remodeling.

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