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 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.