LendingClub acquires $1.05B loan portfolio

LendingClub announced an agreement to acquire a $1.05B loan portfolio. The portfolio consists of personal loans that were originated through LendingClub’s marketplace and will support its growing revenue stream of recurring net interest income. The personal loans were previously acquired by MUFG Union Bank and became available for purchase following U.S. Bancorp’s recently completed acquisition of MUFG Union Bank’s core regional banking franchise. The loans are currently being serviced by LendingClub and have a current outstanding principal weighted average FICO score of 729.