US FDIC Receives Home Depot Bank Bid Application

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005434-us-fdic-receives-home-depot-bank-bid-appl/

Following in Wal-Mart’s dubious footsteps, home improvement giant Home Depot has submitted a bank application to the FDIC, according to a story by Reuters.

Home Depot plans on buying EnerBank USA from CMS Energy Corp. in its bid to expand its business with professional customers.

It is likely that Home Depot will recieve the same scrutiny as Wal-Mart, and its bid is just as unsecure. “I think the concerns exist for any company that wants to mix commerce and banking,” said Brad Mascho, spokesman for U.S. Rep. Paul Gillmor, an Ohio Republican. “It’s not a concern that is directed at Home Depot or Wal-Mart or any other company. It’s a concern about mixing of what has historically been separate.”

You can read more about this story at US FDIC receives Home Depot bank bid application.