S&C is advising LendingClub Corporation, America’s largest online lending marketplace, in its agreement to acquire Radius Bank in a cash and stock transaction valued at $185 million. This historic deal marks the first time that a U.S. fintech company has announced the acquisition of a bank. Radius, an online bank recently voted the nation’s best in a survey conducted by Bankrate, has more than $1.4 billion in diversified assets and is known for its technologically advanced branchless digital banking platform. The transaction will combine LendingClub’s leading digital asset generation platform with Radius’ leading online deposit gathering platform to position the combined company for long-term success.
The S&C team advising LendingClub on this matter was led by financial services partner Mark Menting and senior chairman Rodge Cohen. S&C partner Davis Wang advised on tax issues, IP partner Mehdi Ansari advised on intellectual property matters and special counsel Rebecca Coccaro provided advice on executive compensation matters.