Enova Scraps Grasshopper Bank Acquisition After Pressure From State AGs
Online financial services company Enova has withdrawn its bank regulatory applications related to the proposed acquisition of Grasshopper Bancorp, saying in a Monday (Sept. 14) press release that the process is “susceptible to political pressure and outside advocacy.” Enova withdrew its applications with the Office of the Comptroller of the Currency (OCC) and the Federal […] The post Enova Scraps…
Online financial services company Enova has withdrawn its applications for regulatory approval to acquire Grasshopper Bancorp, citing concerns about political pressure and advocacy from state attorneys general. The company announced the decision on Monday (Sept. 14) in a press release. Enova, which planned to acquire Grasshopper Bancorp and its subsidiary Grasshopper Bank for $369 million, said the process "is susceptible to political pressure and outside advocacy," rather than being guided by clear statutory factors.
CEO Steve Cunningham stated that the decision was made in the best interest of the company and its shareholders, as bank regulatory guidelines have not kept pace with the needs of underserved consumers and small businesses. The acquisition was initially expected to close in the second half of 2026, but Enova has since reaffirmed its full-year and third-quarter 2026 financial guidance, projecting year-over-year growth in revenue and adjusted EPS.
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