Lending Club banners hang on the facade of the New York Stock Exchange for it's IPO on December 11,2014 in New York. Lending Club started trading on the NYSE at a high $24.75 USD per share. AFP PHOTO/DON EMMERT Lending Club, one of the nation’s first peer-to-peer lenders , announced it plans to acquire Radius Bank, a relatively small Boston-based bank, unknown to most people outside of the industry .
Despite the buzzword-laden proclamation, this acquisition makes a lot of sense for both parties for reasons that go beyond what many observers have reported on.Much of the discussion about the deal has focused on some of the obvious, and shorter-term benefits of the acquisition, including a more stable source of funding and a $40 million reduction in bank fees and funding costs, both of which will help boost the spread Lending Club earns on the loans it keeps on its balance sheet.
Many banks are falling over themselves trying to partner with fintech companies. In its latest survey, Cornerstone Advisors found that 70% of financial institutions consider fintech partnerships to be an important aspect of their 2020 strategies. In the S&P article, a Wedbush Securities analyst says, “LendingClub will be a competitive deposit-gatherer by offering a very attractive value proposition for customers.”
MCCapitalV Do you want to make Passive income with your Bitcoin in 2020?🤓 Do you want to turn around your crypto portfolio in 2020?🚀 Our Mining⛏️cycle is ongoing to jumpstart your new decade and New Year! 🤑 Time is running out, Don’t Miss Out, CONTACT ME NOW 👉✉️ ✅✅✅
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »