Home Depot buys home improvement lender

<p>Home improvement retailer Home Depot Inc. said Tuesday it has agreed to acquire home improvement loan provider EnerBank USA from its parent CMS Energy Corp., an energy holding company focused in Michigan, for an undisclosed sum.</p><p>EnerBank originates loans used for home improvement projects like window replacements, heating and air conditioning upgrades and landscaping.</p><p>The bank, which is chartered in Utah, operates no branches and interacts with customers only over the phone. Its main business _ providing home improvement loans through professional contractors _ will remain the same after the acquisition, as will its current management, Home Depot said.</p><p>EnerBank employed 37 associates and had net loan assets totaling $76 million at the end of fiscal 2005, Home Depot said.</p><p>Home Depot shares added 57 cents to $41.58 on the New York Stock Exchange, while those of CMS Energy shed 13 cents to $12.69.</p>

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