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 division now has about $1.1 billion of loans receivable.
“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.