Shares of LendingClub Corp (NYSE:LC) ended Thursday session in green amid volatile trading. The shares closed up +0.42 points or 7.30% at $6.17 with 16.87 million shares getting traded. Post opening the session at $5.75, the shares hit an intraday low of $5.74 and an intraday high of $6.25 and the price vacillated in this range throughout the day. The company has a market cap of $2.48 billion and the numbers of outstanding shares have been calculated to be 391.15 million shares.
LendingClub Corp (LC) on Aug. 24, 2016 announced two new additions to its Investor Group. Valerie Kay will join Lending Club as Senior Vice President, Head of Institutional Investors and Raman Suri will join as Senior Vice President, Head of Retail Investors. They will report to Patrick Dunne, Chief Capital Officer, who joined Lending Club in July after a 25-year career at BlackRock and other investment firms.
“A key strength of Lending Club’s marketplace lies in the diversity of our capital, including the largest retail investor base of any marketplace lender and a broad institutional investor base spanning banks, dedicated funds, asset managers and pension funds. Valerie and Raman will play important roles in helping our marketplace achieve its full potential in terms of scale and resiliency,” said Scott Sanborn, CEO and President of Lending Club.
Ms. Kay, a former executive at Morgan Stanley and Prudential Securities, brings more than 25 years of capital markets experience across a broad range of consumer asset classes. She will be responsible for institutional capital management on Lending Club’s platform.
“Lending Club’s marketplace has transformed access to consumer credit, delivering a high-quality asset with solid returns to investors, and I’m thrilled for this opportunity to join a talented team and further build the institutional investor strategy,” Ms. Kay said.
Shares of Regions Financial Corp (NYSE:RF) ended Thursday session in green amid volatile trading. The shares closed up +0.11 points or 1.16% at $9.63 with 16.66 million shares getting traded. Post opening the session at $9.43, the shares hit an intraday low of $9.37 and an intraday high of $9.66 and the price vacillated in this range throughout the day. The company has a market cap of $11.71 billion and the numbers of outstanding shares have been calculated to be 1.26 billion shares.
On September 14, 2016 Regions Bank, together with Fundation Group LLC, a digitally-enabled small business lender, and TruFund, a Community Development Financial Institution (CDFI), jointly announced a first-of-its-kind agreement to provide small dollar loans to underserved small businesses.
Through this unique and collaborative agreement among a regional bank, a digitally-enabled lender and a CDFI, underserved small businesses that may not be eligible for traditional bank loans will have the opportunity to apply for small dollar loans for working capital and expansion activities.
This agreement allows more small businesses to benefit from TruFund’s hands-on approach to helping small businesses. Using the online lending expertise of Fundation, small business clients will have increased availability and access to funding, in as fast as 48 hours from application. Regions has also pledged to provide capital, assisting both TruFund and small business customers.
“Regions has worked with both TruFund and Fundation in the past, and bringing these two organizations together is a natural fit. It expands both of their abilities to meet client needs and provides more access to credit for small businesses,” said Joe DiNicolantonio, Executive Vice President, Commercial Banking at Regions Bank.