Enova International to Acquire Grasshopper Bank

Core Insights - Enova International, Inc. has signed a definitive agreement to acquire Grasshopper Bancorp, Inc. and its subsidiary Grasshopper Bank N.A. for approximately $369 million in cash and stock [1][4] - Grasshopper Bank, founded in 2019, reported over $1.4 billion in total assets as of September 30, 2025, and holds approximately $3 billion in total deposits [1][3] Company Overview - Enova is a financial services company leveraging machine learning and analytics, with over 20 years of experience in online lending and credit risk management [3] - Grasshopper provides digital financial solutions, including Banking-as-a-Service (BaaS), commercial lending, and consumer banking [2] Transaction Details - The acquisition is expected to close in the second half of 2026, pending stockholder and regulatory approvals [4] - The transaction is projected to generate adjusted earnings per share accretion of over 15% in the first year and more than 25% once synergies are fully realized [4] Leadership Changes - Post-acquisition, Grasshopper Bank will operate as a subsidiary of Enova, with Mike Butler as President and Steve Cunningham as CEO of Grasshopper Bank [4]