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Enova Withdraws Bank Regulatory Applications
Enova said it will speed up share repurchases after withdrawing bank applications and keeping its growth plans focused on nonbank lending.
- On Monday, Enova International withdrew its applications to acquire Grasshopper Bancorp, Inc. from the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System.
- Enova CEO Steve Cunningham attributed the decision to regulatory guidelines that have "not kept pace" with market realities, arguing the process is susceptible to "political pressure and outside advocacy" rather than statutory factors.
- Reaffirming its full-year 2026 guidance, Enova expects revenue growth of 20% to 25% and adjusted EPS growth of 30% to 35%, consistent with projections from the July 23rd earnings call.
- The company intends to accelerate share repurchase activity for the remainder of 2026, utilizing $349 million under Board authorization and $218 million under senior note covenants as of June 30, 2026.
- Over the past 20 years, Enova has provided over $72 billion in loans to more than 15 million customers, continuing to serve small businesses and consumers underserved by traditional banks.
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Enova Stock Falls 25% After $369M Grasshopper Bank Deal Ends
Enova International has abandoned its current attempt to become a bank holding company, withdrawing regulatory applications for its $369 million acquisition of Grasshopper Bancorp and publicly criticizing the process used to evaluate nonbank companies seeking entry into the banking system. The decision triggered a much larger selloff than initially indicated after Monday's close. Enova stock was trading at $169.43 at 11:54 ET on Tuesday, down 25…
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Total News Sources26
Leaning Left0Leaning Right2Center13Last UpdatedBias Distribution87% Center
Bias Distribution
- 87% of the sources are Center
87% Center
C 87%
13%
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