Nearly a year after LendingClub acquired Boston-based Radius Bank and its bank charter, the company has decided to discontinue some of Radius’ niche products and services.

LendingClub CEO Scott Sanborn said in a blog post on Monday that the company had concluded a strategic review of its business operations and decided to discontinue certain businesses that did not fit with the company’s mission.

As part of the acquisition, LendingClub inherited Radius’ digital bank deposit business, a fintech partner program and several lending businesses. The discontinued products include Radius Bank’s niche yacht loan business.

“Yacht loans are simply not in line with our mission to help everyday Americans on their path to financial health,” Sanborn said.

He added that the bank plans to grow its auto refinance business instead.

LendingClub is also making changes to Radius’ fintech partnership program. The company has started to end relationships with some of the partners, Sanborn said, and asked other partners “to modify their activities and/or operations to match expectations and contractual commitments.”

“As a pioneer in this space, we have a unique perspective. We operated for 15 years as a fintech with a partner bank model and now we operate as a fintech, a bank, and a partner bank,” Sanborn said. “We work hard at LendingClub to maintain and build a robust, secure, compliant and scalable enterprise. We are guided by our core values, our extensive experience, our deep data set and technology investments, and governed by strong controls, to deliver on behalf of our members, communities, shareholders, partners, and team members.”

LendingClub Bank NA has $4 billion in assets as of Sept. 30, $2.68 billion in net loans and $2.9 billion in deposits, according to FDIC data.

Sanborn said the business model changes would have no material effects on LendingClub’s business operations.

LendingClub Discontinues Some Legacy Radius Services

by Diane McLaughlin time to read: 1 min
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