Home repairs giant Home Depot has agreed to acquire an Industrial Loan Company charter, a state chartered bank, the latest non-financial company to enter the banking business.
The deal comes as the controversy over Wal-Mart's application for an Industrial Loan Charter continues to fester while the FDIC considers the retail giant's bid for the ILC bank charter.
Home Depot said it will use the bank to provide financing for contractors, homeowners engaged in remodeling and other large-scale purchasers.
The deal calls for Home Depot to acquire the ILC charter of EnerBank, which offers consumers 100% financing on home remodeling.
