LendingClub has signed a definitive agreement to acquire Radius Bancorp, and its wholly owned subsidiary Radius Bank, in a cash and stock transaction valued at $185 million.
Lending Club secured up to $1.3 billion from a subsidiary of the National Bank of Canada to be deployed on its online platform over the next 12 months.
Thomas W. Casey will join Lending Club as chief financial officer. Casey’s background includes leadership experience at GE Capital, Washington Mutual, JPMorgan and Citicorp
Former Morgan Stanley Managing Director Valerie Kay joined Lending Club as head of the Institutional Group. BlackRock Managing Director Raman Suri has joined as head of Retail Lending.
Lending Club made a series of leadership changes. Timothy J. Mayopoulos, president and CEO of Fannie Mae, has been appointed to the board as an independent director. CFO Carrie Dolan has stepped down.
The board of directors of Lending Club named Scott Sanborn CEO and president. Separately, Hans Morris, who had assumed the temporary role of executive chairman, has been named chairman of the board.
Lending Club and Citi are partnering with Varadero Capital to facilitate up to $150 million in loans designed to provide more affordable credit to underserved borrowers and communities.