logo
Plus   Neg
Share
Email

KeyBank To Buy Digital Lending Business Of Laurel Road Bank; Terms Not Disclosed

KeyCorp (KEY) announced Wednesday that KeyBank National Association has agreed to buy the digital lending business of New York City -based Laurel Road Bank, which offers student loan refinancing platform. Laurel Road's three bank branches located in southeast Connecticut are not part of the deal.

Financial terms of the transaction have not been disclosed. The acquisition is subject to customary closing conditions, including regulatory approvals.

Laurel Road is a national online lending company and FDIC-insured bank, offering online student loan refinancing, personal lending and mortgage products.

Key expects the acquisition will help it to enhance its digital capabilities with state-of-the-art, customer-centric technology.

With the integration, approximately 140 Laurel Road employees will join Key. The employee teams will continue to be based in New York, Connecticut, and California.

In the deal, KeyCorp was advised by Debevoise & Plimpton LLP. Laurel Road Bank was advised by RBC Capital Markets and Fried Frank.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
SiriusXM launched a new subscription package exclusively for college students at a steep discount, just ahead of the fall semester. The satellite-radio giant introduced the "Student Premier" Package that provides students with all the content in SiriusXM's "Premier Streaming" package for $4 per month. This is a 69 percent discount from the regular price of $12.99 per month for Premier Streaming. Apple Inc. warned that its newly launched titanium Apple Card can be easily damaged if not stored properly. The company advised that the card must be kept away from fabrics like leather and denim as they can cause permanent discoloration. The tech giant has posted a support page that provides instructions to users on how to protect and maintain their Apple Card. Southwire Co. LLC recalled about 3000 units of Garvin pop-up electrical outlet floor box kits for concerns of fire hazard. The company said the electrical receptacles can overheat when in use. Southwire already received three reports of the floor boxes overheating. However, there have been no injuries reported so far.
Follow RTT