SAN FRANCISCO, Jan. 19, 2021 /PRNewswire/ -- LendingClub Corporation (NYSE: LC),
America's leading online lending marketplace connecting borrowers
and investors, today announced that Al Landon, Erin Selleck and LendingClub's chief financial
officer, Tom Casey, will join as the
newest members of its Board of Directors at the completion of the
acquisition of digital bank Radius Bancorp ("Radius"), which the
company expects to occur on or around February 1, 2021, subject to completion or waiver
of the remaining customary closing conditions.
Simultaneously, Dan Ciporin,
former general partner at Canaan Partners, and Ken Denman, former president & chief
executive officer of Emotient, have decided to resign from
LendingClub's Board of Directors, each effective at the completion
of the acquisition of Radius.
In addition, Simon Williams has
decided that he will step down at the conclusion of LendingClub's
2021 annual stockholders meeting. With this decision Simon,
who is a veteran financial services and fintech exec, is completing
a long and dedicated service and leadership term with LendingClub
that began in 2009.
The board transformation comes as LendingClub has received all
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.
"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," said
Scott Sanborn, LendingClub's CEO.
"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
Long-serving board member Mr. Ciporin added, "For more than 13
years I have been part of the LendingClub journey from a small
startup to today's publicly traded industry leader, helping
millions of customers seamlessly access lower cost credit. I can't
wait to see what this team does next."
Mr. Landon is an investor, advisor and director of start-up
businesses with over 30-years of experience in the financial
services industry. Currently, Mr. Landon is the assistant dean and
adjunct professor at the David Eccles School of Business at the
University of Utah. He is also a member
of the National Board of the Smithsonian Institution and the PBS
Foundation in Washington, D.C.,
serves as vice chair of the Utah Museum of Fine Arts and is a
member of the advisory board of PBS Utah. Previously, he served on
the board of several financial institutions, including State Farm
Insurance. He also held prominent roles as chairman and CEO of Bank
of Hawaii and served as a partner
with Ernst & Young. In January
2015, President Obama nominated Landon to serve on the Board
of Governors of the Federal Reserve System. Mr. Landon will serve
on LendingClub's Audit, Credit Risk and Finance, and Compensation
"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," said Mr. Landon.
"I'm looking forward to sharing my experience as LendingClub
continues to innovate on behalf of our members."
Ms. Selleck is an experienced financial executive, advisor, and
corporate director who is a current member of the Board of
Directors of Broadway Financial Corp and its subsidiary,
Broadway Federal Bank, where she serves as chair of the Audit
Committee, and member of the Risk/Compliance and Loan Committees.
Prior to becoming a director and advisor, Ms. Selleck had a
successful 30-year career in the financial services industry and
served as the senior executive vice president and treasurer for
Union Bank, a top-25 U. S. bank and a key subsidiary of
Japan's Mitsubishi UFJ Financial
Group (MUFG), one of the world's largest financial organizations.
Ms. Selleck will serve on LendingClub's Audit, Credit Risk and
Finance, and Operational Risk Committees.
"What drew me to LendingClub is its unique business model and
its intent to help people reach their financial goals, which will
only be enhanced as it becomes a bank holding company," said Ms.
Selleck. "I'm excited to provide my expertise to help improve the
financial health of all Americans."
The appointment of Ms. Selleck, Mr. Landon and Mr. Casey signals
a new era for the company as it embarks on its journey to offer a
broad range of financial products and services through a technology
and data-driven platform, designed to help Americans pay less when
borrowing and earn more when saving.
After completing the acquisition of Radius Bancorp, LendingClub
Corporation (NYSE: LC) will be the parent company of LendingClub
Bank, National Association, Member FDIC, and the
only full-spectrum fintech marketplace bank. Members can
gain access to a broad range of financial products and services
through a technology-driven platform, designed to help them pay
less when borrowing and earn more when saving. Since 2007, more
than 3 million members have joined the Club to help reach their
financial goals. For more information about LendingClub,
Safe Harbor Statement
Some of the statements above, including statements regarding our
ability to close the pending transaction with Radius timing of
closing, the benefits of the transaction, and future products and
services, are "forward-looking statements." The words "anticipate,"
"believe," "estimate," "expect," "intend," "may," "outlook,"
"plan," "predict," "project," "will," "would" and similar
expressions may identify forward-looking statements, although not
all forward-looking statements contain these identifying words.
Factors that could cause actual results to differ materially from
those contemplated by these forward-looking statements include
whether all the closing conditions of the pending acquisition of
Radius are satisfied, our ability to realize the anticipated
benefits of the transaction with Radius and those factors set forth
in the section titled "Risk Factors" in our most recent Quarterly
Report on Form 10-Q and Annual Report on Form 10-K, each as filed
with the Securities and Exchange Commission, as well as our
subsequent filings made with the Securities and Exchange
Commission, including subsequent reports on Form 10-Q and 10-K. We
may not actually achieve the plans, intentions or expectations
disclosed in forward-looking statements, and you should not place
undue reliance on forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in forward-looking statements. We do not
assume any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Information in this press release is not an offer to sell
securities or the solicitation of an offer to buy securities, nor
shall there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
Media and Investor Contacts
For Investors: IR@lendingclub.com
Media Contact: Press@lendingclub.com
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SOURCE LendingClub Corporation