The Office of the Comptroller of the Currency (OCC) approved LendingClub’s acquisition of Radius Bank. The online lender filed the paperwork last February to acquire Radius Bank and become an online bank.
The OCC approved Radius Bank’s application to convert into a national banking association that will operate under LendingClub Bank. LendingClub will pay nearly $185 million for the Boston-based digital bank.
“With this conditional approval, we have completed another important milestone in our journey to become the only full-spectrum fintech marketplace bank and the first neobank that will be publicly traded in the U.S.,” a LendingClub spokesperson told American Banker. “We feel good about the progress we have made.”
The merger will allow customers to pay less when th...