Penny Crosman takes a deep dive into the big news story of the week with analysis of the pending LendingClub acquisition of Radius Bank; she talked with LendingClub president, Steve Allocca, who said the deal was about far more than just obtaining a cheaper source of capital for its loans; Allocca said, “It’s definitely a mix. Deposits absolutely are a source of lower-cost funding that allows us to offer lower rates to borrowers and also stabilizes the model. We’re probably the only company in the lending space that’s gone from originally 100% retail funding, peer-to-peer, to almost entirely wholesale funding. This [merger] brings back a more appropriate, more sustainable balance and allows us to pass through more benefits to consumers.” LendingClub plans to launch a bank account later this year to help their customers build up savings; more than 50,000 customers a day apply for a loan at LendingClub today. American Banker
With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences.
Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.