Merrick Bank in South Jordan, Utah, bought about $500 million of home improvement loan participations from GreenSky Holdings.
CardWorks, the parent company for the $6 billion-asset Merrick, said in a press release that it also entered into a forward flow agreement with GreenSky to buy more loan participations. The financial details weren’t disclosed.
The deal is tied to CardWorks’ equity investment in the point-of-sale lender, which Goldman Sachs divested in March.
“We are excited about the opportunity to partner with GreenSky, which we view as a best-in-class home improvement platform,” Dan Pillemer, CardWorks’ president and CEO, said in the release.
“We look forward to exploring broader opportunities for Merrick and GreenSky,” he added.