Truist buying home improvement lender for $2 billion

Truist Financial has agreed to acquire a Florida-based home improvement lender for $2 billion.

The purchase of Service Finance Co. would widen the scope of Truist’s point-of-sale lending business to include financing to homeowners. The Charlotte, North Carolina, bank currently offers loan options for buyers of power equipment, trailers and other consumer products.

“The acquisition of Service Finance expands the scale and capabilities of our wholesale payments businesses, enabling Truist to deliver innovative financing solutions to Service Finance’s nationwide network of dealers and serve homeowners across the country,” Mike Maguire, Truist’s head national consumer finance and payments, said in a

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