Enova International and Grasshopper Bancorp have mutually terminated their merger agreement, ending Enova's plan to acquire the parent of New York-based Grasshopper Bank, according to a filing on 16 October.
Deal terms and financing
Under the termination agreement Enova paid Grasshopper US$4m in cash, and neither side will pay any other fees or have other liabilities related to the merger agreement. The original deal, signed in December 2025, offered Grasshopper holders a mix of cash and Enova shares, with total consideration capped at about US$350m.
Regulatory approvals and timing
Enova withdrew its applications with the Federal Reserve and the Office of the Comptroller of the Currency in September. Chief executive Steve Cunningham blamed unclear regulatory standards for nonbanks seeking bank charters, American Banker reported.
Market context
The deal had drawn opposition from consumer advocates and Democratic elected officials because of Enova's high-cost lending. Grasshopper Bank had total assets of about US$1.4bn at 30 September 2025.
