Announced
Financials
Sources
Tags
corporate finance
consumer finance
diversified financials
United States
Banks
Acquisition
Majority
Private
Pending
Friendly
Single Bidder
Domestic
Disposal
Private Equity
Synopsis
LendingClub, America's largest online lending marketplace, agreed to acquire Radius Bank, an online focused community bank based in Boston, Massachusetts, for $185m. "This is a transformational transaction that allows us to reimagine banking in a way that is free from legacy practices and systems and where the success of LendingClub is aligned with the success of our customers. By combining with Radius, we will create a category-defining experience for our members that will dramatically enhance the resilience and earnings trajectory of our business," Scott Sanborn, LendingClub CEO.
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