Home Depot Drops Pursuit of Loan Charter

Atlanta, GA, January 28, 2008--Home Depot has backed off plans to get an industrial loan charter in order to buy EnerBank USA.

Atlanta-based Home Depot first reported its plans to buy Salt Lake City, Utah-based industrial loan corporation EnerBank USA as a means to grow its professional customer business and sales. The bank would have allowed Home Depot's contractors to offer home improvement loans to their own remodeling customers.

Home Depot's plans drew criticism from the Independent Community Bankers of America, which lobbied Congress to close a loophole in the law that allows commercial firms to own industrial loan charters. Banks and Realtors also criticized Home Depot owning its own bank.