Radius Bank

The story of Radius Bank begins not in a garage, but with a trade union. Founded in 1987 as First Trade Union Bank by the carpenters union in Massachusetts, its initial purpose was to serve a specific community. For years, it operated as a traditional community bank. A significant shift occurred in 2014 when it was renamed Radius Bank, pivoting to a digital-first model with a national ambition. This transformation positioned Radius as a branchless, online bank, a move that set the stage for its next chapter. The bank focused on building a strong digital platform, offering services like checking and savings accounts and partnering with fintech companies. The major turning point came in February 2020, when LendingClub, a large online lending marketplace, announced its acquisition of Radius Bancorp for $185 million in cash and stock. This was a landmark event, marking the first time a U.S. fintech company acquired a regulated bank. The acquisition, completed in February 2021, allowed LendingClub to become a marketplace bank, combining its loan generation with Radius's stable, low-cost deposit platform. By July 2021, the Radius brand was officially integrated and renamed to LendingClub Bank, N.A.