To our valued clients:
In February 2020, we announced the anticipated merger of Radius Bancorp and LendingClub Corporation, and we are excited to announce that we have recently received all regulatory approvals and expect the acquisition to close on our around February 1, 2021, subject to completion or waiver of the remaining customary closing conditions.
Radius, Bankrate’s Best Online Bank of 2020, is about to get even better. Your day-to-day banking will remain intact. Your account information, as well as your online and mobile banking experience, will remain the same, and you will still have access to all of the same account features and tools you know and love. But, you will soon gain access to LendingClub’s product offerings to complement your current banking activities that will help you achieve even stronger financial health.
Throughout this process, I have been using the phrase “1+1= 3” when referring to the merger, in which two already-strong companies are coming together to do more for our clients. In 2008, I was asked to join a then 21-year-old financial institution and take it in a new direction. With the client always at the center of our strategy, we evolved into a digital banking leader, one determined to provide a high level of service to niche communities of consumers, small businesses, non-profits, fintechs, and larger corporate entities.
Where we focused on providing great deposit products and commercial lending offerings, LendingClub focused on and exceled at providing personal loans to millions of Americans. Founded in 2007, LendingClub is America’s largest online lending marketplace and has a lengthy track record of growth and innovation with a strong focus on the financial health of its members. With you, the client, at the center of both organizations’ core values, and with our industry-leading product sets, the Radius and LendingClub combination makes the perfect pairing to create a new financial institution leading the transformation of both the fintech and banking industries.
I am pleased to say that the Radius team will remain intact and will continue to do all of the things we always have to help you be financially successful. You don’t have to do anything other than enjoy the service to which you have been accustomed and the new product offerings we will provide you over time.
In the coming weeks, we will share more details about what to expect in the future.
But first, we must thank you.
Through your feedback and support over the years, you have constantly pushed us to innovate faster than other banks and to create the best client experience in the industry. We thank our many new clients who joined us in 2020, and we thank our clients who have been with us through the years, for making Radius a better bank.
We can’t wait to get started with LendingClub so that we can unlock even more value for our clients.
President & CEO
To read LendingClub’s announcement visit: https://blog.lendingclub.com/radius-approval