LendingClub acquires $1.05B personal loan portfolio from MUFG Union Bank

LendingClub Corp

Portfolio of unsecured personal loans with $1.05B principal balance acquired from MUFG Union Bank.
Weighted average FICO score of 729; loans were originated through LendingClub's marketplace.
Expected closing by end of 2022; acquisition expenses ~$4M, offset by future interest income.
LendingClub elected fair value option, avoiding upfront CECL credit loss provisioning.
Portfolio to support recurring net interest income growth, utilizing balance sheet for marketplace liquidity.

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