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LendingClub has completed the standard operating agreement for its new bank, having met all the requirements set out by the Office of the Comptroller of the Currency. The agreement began in connection with LendingClub’s acquisition of Radius Bancorp and the formation of LendingClub Bank in February 2021. The completion of the agreement gives LendingClub more autonomy and flexibility in how it runs its business and deploys capital.
LendingClub CEO Scott Sanborn called the acquisition of Radius Bancorp transformative, as it provided LendingClub with additional sources of funding and paved the way for the company to become a digital bank. Following the acquisition, LendingClub received regulatory approvals and launched a full suite of banking services in a branchless fashion.
Since the acquisition, LendingClub has seen continued growth in deposits, growing its assets from $2.7 billion to $7.6 billion. The completion of the operating agreement allows the company to operate with more freedom and continue working closely with regulators.
Throughout the article, the key points to highlight include:
- LendingClub completed the operating agreement for its new bank, giving the company more autonomy and flexibility
- The agreement began in connection with LendingClub’s acquisition of Radius Bancorp and the formation of LendingClub Bank
- The acquisition of Radius Bancorp allowed LendingClub to become a digital bank with no physical branches
- LendingClub has seen continued growth in deposits since the acquisition
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