secwatch.observer — SEC 8-K summary
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Issuer:     LendingClub Corp (LC)
CIK:        0001409970
Form:       8-K
Filed at:   2022-12-02T23:59:59+00:00
Accession:  0001409970-22-000055
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1409970/000140997022000055/0001409970-22-000055-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1409970/000140997022000055/lc-20221202.htm
  HTML page:      https://secwatch.observer/filing/0001409970-22-000055

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