LendingClub's loans are currently funded both by investors and its own balance sheet cash. Being able to take in deposits could serve as another source of cash to lend.
"This is amazing news. I'm sorry, I know I'm supposed to be a hardcore analyst," said Henry Coffey, a specialty finance analyst at Wedbush Securities, during the call. Coffey added that he had always expected LendingClub would buy a bank and use it for all its advantages, "but instead, I see that you're buying, frankly, a significant institution. So congratulations.
Radius Bank is a Boston-based digital bank that offers consumer banking, business banking, and a banking-as-a-service platform. Radius has $1.b in deposits and $1 billion in consumer and commercial loans on its balance sheet. And the bank offers specialized products like yacht loans, which make up"Radius is not a typical bank out of a group of thousands," said Sanborn.
The acquisition is expected to close in 12 to 15 months, pending regulatory approval. During this time, LendingClub will work toward regulatory reviews required for the bank charter.
Colombia Últimas Noticias, Colombia Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Monzo: Neobank plans to grow sustainably into US and continue UK push - Business InsiderMonzo, one of Europe's hottest neobank startups, wins 200,000 customers a month without marketing. Now it's coming for the US.
Leer más »
Coronavirus impact on US travel industry and airlines - Business InsiderChinese travelers represented 7% of all visitors to the US in 2019 and 16% of visitor spending. The economic impact is forecast to be worse than SARS. that's ok. happy to take the hit. Devastating. Particularly on top of the Trump slump. Who'd want to go to an America that is such a hostile environment, anyway?
Leer más »
Pompeo blasts corruption, promotes U.S. business in Africa tripU.S. Secretary of State Mike Pompeo denounced corruption and touted American bus... pfft 🤪 But he _is_ corruption
Leer más »
U.S. judge rejects Huawei challenge to federal law restricting its businessA federal judge in Texas on Tuesday rejected Chinese telecommunications equipmen... HUAWEI's intellectual theft is mind boggling. They do this in plain sight and the world is okay with it because knock off is always cheaper. China should complain to WTO. This is symptomatic of the ThucydidesTrap It seems all the other ways to beat off Huawei rather than developing US's own 5G or 6G are much easier.
Leer más »