Enova drops bid to acquire Grasshopper Bancorp, reaffirms guidance

Enova International (NYSE: ENVA) has withdrawn its applications with the Office of the Comptroller of the Currency and the Federal Reserve Board of Governors related to its proposed acquisition of Grasshopper Bancorp, Inc., the Chicago-based company announced Sept. 14, 2026.

CEO Steve Cunningham cited a lack of clear regulatory standards for nonbank companies seeking to become banks as a key factor in the decision. "Regulators do not have clear standards for nonbanks that want to become banks and that serve customers whose credit needs today are met mostly outside of the banking system," Cunningham said. "Without clearly articulated standards, the process is susceptible to political pressure and outside advocacy, rather than being guided strictly by the statutory factors that should govern it."

Enova reaffirmed its full-year and third-quarter 2026 guidance. For the third quarter, the company expects revenue growth of approximately 25% and adjusted EPS growth of approximately 30% year-over-year. For the full year, the company continues to project revenue growth of 20% to 25% and adjusted EPS growth of 30% to 35% year-over-year.

CFO Scott Cornelis said the company intends to accelerate share repurchase activity for the remainder of 2026. As of June 30, 2026, Enova had $218 million available for share repurchases under its senior note covenants and $349 million available under its current board authorization, which expires June 30, 2027.

You May Also Be Interested In

• HighPeak Energy mulls sale - Reuters
• Founders Metals acquires full ownership of Antino gold project in Suriname
• Gartner places F5 in AI application security emerging market report