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  • Steel Partners Holdings L.P (SPLP) Owns WebBank

    WebBank, the bank that lending club uses is a subsidiary of a publicly traded company. Saw this mentioned on another forum:
    Steel Partners Holdings L.P (SPLP) on the NYSE

    Some other lenders that use WebBank:
    • Prosper
    • CAN Capital
    • PayPal Working Capital


    I'm sure there are a lot more.

    Quite a random addition to a company that is described as being in the business of:
    • SIC Code 3390 - Miscellaneous Primary Metal Products
    • Industry Misc. Fabricated Products
    • Sector Basic Materials



    WebBank

    Our Ownership Interest
    SPLP's wholly owned subsidiary, WebFinancial Holding Corporation, conducts financial operations through its wholly-owned subsidiary, WebBank (“WebBank”). WebBank is part of our Financial Services segment. For the years ended December 31, 2013 , 2012 and 2011 the Financial Services segment had revenues of $28,185 , $21,155 and $14,921 , respectively, which comprised 4% , 3% and 2% of SPLP's consolidated revenues, respectively.

    Description of Business
    WebBank is a Utah chartered industrial bank subject to comprehensive regulation, examination, and supervision of the Federal Deposit
    Insurance Corporation (“FDIC”) and the State of Utah Department of Financial Institutions (“UDFI”). WebBank is not considered a “bank” for Bank Holding Company Act purposes and, as such, SPLP is not regulated as a bank holding company. WebBank, whose deposits are insured by the FDIC, generates commercial and consumer loans.

    WebBank continues to evaluate its different business lines and consider various alternatives to maximize the aggregate value of its
    businesses and increase value, including seeking acquisitions and/or merger transactions, as well as product line extensions, additions and/or divestitures.

    Read a recent 10-K buy SPLP

    This stock might be a nice buy now. Once everyone figures out they own WebBank, there might just be a nice little pop in their price, though it looks like some people may have thought about that back in October.

    Click image for larger version

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  • #2
    This is a cool find. I just looked this company up. It looks like a giant conglomerate holding company that it seems very few people are talking about online. Nice and profitable too. $45 million profit in 2013. Last 2 quarters were strong.

    Not a lot of volume on the stock and it seems to be around the all time high already. Might be worth picking up a little now anyway? I'm not a stock expert. I'm staying out of the Lending Club IPO personally but not because I don't like the company.
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    • #3
      just noticed what I pasted. webbanks's revenue only made up 4% of SPLP's consolidated revenue in 2013. that is pretty small, but growing by a percentage year over year for the last couple years. I was hoping it was going to be like 30% or something.

      Comment


      • #4
        Originally posted by platformlending View Post
        just noticed what I pasted. webbanks's revenue only made up 4% of SPLP's consolidated revenue in 2013. that is pretty small, but growing by a percentage year over year for the last couple years. I was hoping it was going to be like 30% or something.
        well I took a pretty look at this SPLP bad boy. I think you're totally on to something: http://debanked.com/2014/12/blue-hor...s-holdings-lp/
        Get the deBanked Events app for iPhone

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        • #5
          I got all excited but this stock is really illiquid. Already down for the day too. Where's that love blue horsehoe?

          Keeping an eye on it regardless.

          Comment


          • #6
            Originally posted by stktrader View Post
            I got all excited but this stock is really illiquid. Already down for the day too. Where's that love blue horsehoe?

            Keeping an eye on it regardless.
            yes there's no volume there. 10k shares a day if that.

            Comment


            • #7
              this stock is like a rock! there's no volume to do anything with it. liked the idea though. Got any more bud fox?

              Comment


              • #8
                Originally posted by sean bash View Post
                This is a cool find. I just looked this company up. It looks like a giant conglomerate holding company that it seems very few people are talking about online. Nice and profitable too. $45 million profit in 2013. Last 2 quarters were strong.

                Not a lot of volume on the stock and it seems to be around the all time high already. Might be worth picking up a little now anyway? I'm not a stock expert. I'm staying out of the Lending Club IPO personally but not because I don't like the company.
                hey sean bash, i seen you write about bitcoin. you know any bitcoin stocks?

                Comment


                • #9
                  Originally posted by stktrader View Post
                  hey sean bash, i seen you write about bitcoin. you know any bitcoin stocks?
                  stocks? I'm sure there are some publicly traded companies involved in bitcoin development in some way but I don't know any bitcoin-centric public companies. You can follow bitcoin like a stock on stocktwits though: http://stocktwits.com/symbol/BCOIN
                  Get the deBanked Events app for iPhone

                  Get the deBanked Events app for Android

                  Get your MCA Basics Certification

                  Comment


                  • #10
                    Originally posted by platformlending View Post
                    WebBank, the bank that lending club uses is a subsidiary of a publicly traded company. Saw this mentioned on another forum:
                    Steel Partners Holdings L.P (SPLP) on the NYSE

                    Some other lenders that use WebBank:
                    • Prosper
                    • CAN Capital
                    • PayPal Working Capital


                    I'm sure there are a lot more.

                    Quite a random addition to a company that is described as being in the business of:
                    • SIC Code 3390 - Miscellaneous Primary Metal Products
                    • Industry Misc. Fabricated Products
                    • Sector Basic Materials



                    WebBank

                    Our Ownership Interest
                    SPLP's wholly owned subsidiary, WebFinancial Holding Corporation, conducts financial operations through its wholly-owned subsidiary, WebBank (“WebBank”). WebBank is part of our Financial Services segment. For the years ended December 31, 2013 , 2012 and 2011 the Financial Services segment had revenues of $28,185 , $21,155 and $14,921 , respectively, which comprised 4% , 3% and 2% of SPLP's consolidated revenues, respectively.

                    Description of Business
                    WebBank is a Utah chartered industrial bank subject to comprehensive regulation, examination, and supervision of the Federal Deposit
                    Insurance Corporation (“FDIC”) and the State of Utah Department of Financial Institutions (“UDFI”). WebBank is not considered a “bank” for Bank Holding Company Act purposes and, as such, SPLP is not regulated as a bank holding company. WebBank, whose deposits are insured by the FDIC, generates commercial and consumer loans.

                    WebBank continues to evaluate its different business lines and consider various alternatives to maximize the aggregate value of its
                    businesses and increase value, including seeking acquisitions and/or merger transactions, as well as product line extensions, additions and/or divestitures.

                    Read a recent 10-K buy SPLP

                    This stock might be a nice buy now. Once everyone figures out they own WebBank, there might just be a nice little pop in their price, though it looks like some people may have thought about that back in October.

                    [ATTACH=CONFIG]36[/ATTACH]
                    SPLP has no volume whatsoever. Maybe webbank should be spun off. No one's going to get excited about a diversified metal holdings company.

                    Comment


                    • #11
                      just another dead holdings company collecting dust

                      Comment


                      • #12
                        Originally posted by platformlending View Post
                        just noticed what I pasted. webbanks's revenue only made up 4% of SPLP's consolidated revenue in 2013. that is pretty small, but growing by a percentage year over year for the last couple years. I was hoping it was going to be like 30% or something.
                        replying to my own thread here. I have kept my eye on this one. Still almost no volume but have noticed since that webbank makes up a substantial amount of their profit. Revenue-wise it is small but profit margin wise, it is massive. This is perhaps a stock to continue checking up on.

                        Comment


                        • #13
                          Hi. Glad I stumbled upon this blog here. Does anyone think that webbank might be spun off from SPLP? Is there a potential opportunity here?

                          Comment


                          • #14
                            It's interesting how many of the new technology lenders rely on this bank. Thanks for sharing this information.

                            Comment


                            • #15
                              Anyone see the q4 report? Webbank is literally carrying this company. Even though it only made up 6% of consolidated revenue it was basically the only profitable business they had. As I understand it, webbank sells the loans it "originates" after a day or two so it has no exposure on them. this is all fee income they earn to rent out their charter.

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