Interesting stuff:
SAN FRANCISCO, June 20, 2013 /PRNewswire/ – Lending Club (http://www.lendingclub.com) today announced that two of the nation’s community banks, Titan Bank and Congressional Bank, are starting to buy loans through the Lending Club platform. Titan Bank will also offer personal loans to their banking customers through the Lending Club platform.
“Lending Club has demonstrated that it attracts creditworthy customers while efficiently pricing, underwriting and servicing loans,” said Congressional Bank President Jeff Lipson. “We are pleased to partner with a proven leader.”
“Lending Club brings a low cost operating model to consumer lending. Banks, on the other hand, have a low cost of funds and deep roots in local communities. Our alliance with Lending Club truly combines the best of both worlds to bring down the cost of credit for our customers. This is the future of bank lending,” commented Titan Bank Director Jonathan Morris.