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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:
I'm sure there are a lot more.
Quite a random addition to a company that is described as being in the business of:
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.
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.
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