Truist Financial to acquire Service Finance Company from ECN Capital for $2bn.

Truist Financial, a banking organization, agreed to acquire Service Finance Company, an operator of a nationally licensed sales finance company intended to provide financing to homeowners and contractors for home improvement and solar projects, from ECN Capital, an independent finance company, for $2bn. Truist is targeting a late 2021 close for the acquisition, subject to standard licensing and regulatory approvals, and satisfaction of customary closing conditions. "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. This acquisition significantly strengthens Truist's leadership position in the rapidly growing POS industry, and we're excited to partner with Mark Berch and the entire Service Finance team," Mike Maguire, Truist Fead of National Consumer Finance and Payments.