Enova Withdraws Bank Regulatory Applications for Grasshopper Acquisition
Enova International (NYSE: ENVA) has decided to withdraw its applications with U.S. banking regulators regarding the proposed acquisition of Grasshopper Bancorp, Inc. The company stated that regulatory guidelines have not kept pace with evolving credit needs and lack clear standards for nonbanks seeking bank status. Enova's CEO emphasized confidence in the decision, citing political pressures affecting the approval process rather than statutory criteria. The firm reaffirmed its 2026 financial guidance, projecting third-quarter revenue growth of around 25% and adjusted EPS growth of about 30%. For the full year, it expects revenue to grow between 20-25%, with adjusted EPS increasing by 30-35%. Enova also announced plans to accelerate share repurchases due to strong financial performance. As of June 30, $218 million was available for buybacks under senior note covenants and an additional $349 million under the current Board authorization. Enova remains focused on leveraging its analytics-driven approach to serve underserved consumers and small businesses without needing bank status.
Tickers: $ENVA
Topics: banking regulation M&A withdrawal share repurchase acceleration