Overview
- Enova agreed to buy Grasshopper Bancorp and its Grasshopper Bank unit for roughly $369 million, split evenly between cash and newly issued shares.
- The deal would create a combined company with about $8.8 billion in assets and is subject to Federal Reserve and OCC approval as well as a Grasshopper shareholder vote.
- Enova plans to become a bank holding company with Grasshopper as its bank subsidiary, using the charter and deposits to scale its lending footprint.
- Leadership plans include Mike Butler becoming president of Grasshopper Bank reporting to Steve Cunningham, who is slated to take over as Enova CEO on Jan. 1, 2026.
- Enova projects more than 15% adjusted EPS accretion in the first year post‑close and over 25% thereafter, while stating CashNetUSA will remain outside the bank as consumer advocates cite concerns over the firm’s past CFPB actions.