LendingClub announces board transformation; receives regulatory approvals to acquire Radius Bank

By Pavithra R

LendingClub Corporation, the online lending marketplace connecting borrowers and investors, has announced that Al Landon, Erin Selleck and it’s CFO, Tom Casey will join as the newest members of its Board of Directors after the acquisition of digital bank Radius Bancorp. 

Simultaneously, Dan Ciporin, former general partner at Canaan Partners, and Ken Denman, former president & CEO of Emotient, have decided to resign from LendingClub’s Board of Directors on completion of the acquisition. Besides, Simon Williams has also decided that he will step down after LendingClub’s 2021 annual stockholders meeting. 

The board transformation comes as LendingClub received the bank regulatory approvals necessary to complete its acquisition of Radius and become the first U.S. public neobank, poised to reimagine banking for everyday Americans. The acquisition is expected to occur on or around February 1, 2021, subject to completion or waiver of the remaining customary closing conditions.

“We were looking for new board members with the expertise and insights that will support us as we transform the company and embark on our next chapter of growth. We are excited to welcome Al and Erin to the board, given their demonstrated success and wealth of experience in the financial services industry. With Dan, Ken and Simon wrapping up their board tenure, I’d like to thank them personally for their support and belief in our mission to empower members on their path to financial success. I am extremely grateful for their commitment, guidance and partnership as we transformed LendingClub and wish them each well on their next endeavors,” said Scott Sanborn, LendingClub’s CEO.

Mr Landon is an investor, advisor and director of start-up businesses with over 3 decades of experience in the financial services industry. Ms Selleck is an experienced financial executive, advisor, and corporate director. She is a current member of the Board of Directors of Broadway Financial Corp and its subsidiary, Broadway Federal Bank.

“Now that the company is becoming a bank holding company, they can build on LendingClub’s credit and data expertise to develop new capabilities that seamlessly blend savings and credit – transforming the experience for our customers. I’m looking forward to sharing my experience as LendingClub continues to innovate on behalf of our members,” said Mr Landon. 

The appointment of Mr Landon, Ms Selleck, and Mr Casey signal a new era for the company as it embarks on a journey to offer a broad range of financial products and services through its technology and data-driven platform, designed to help Americans pay less when borrowing and earn more when saving.

Founded in 2006, LendingClub aims to transform the banking system to make credit more affordable and investing more rewarding. The firm offers loans to institutional investors through four platforms: Scale, Select, Select Plus, and the combined LCX suite.