Tuesday, February 8, 2022

Home BancShares buys $238M yacht loan portfolio

Home BancShares in Conway, Ark., has acquired a portfolio of marine loans from LendingClub. 

The $18.1 billion-asset Home said in a press release Monday that it bought $238 million of performing yacht loans, which will be housed in its Shore Premier Finance division. Home did not disclose the price it paid.

The division now has about $1.1 billion of loans receivable. 

“The marine business has continued to be a strong segment,” Johnny Allison, Home’s chairman, president and CEO, said in the release. “This opportunity allows us to acquire a quality portfolio that complements our marine finance division.” 

The deal comes two years after Home agreed to buy LH-Finance, the marine lending division of People’s United Financial. Home gained about $405 million of loan balances from that acquisition.

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