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The portfolio purchase, which follows the sale of MUFG Union Bank to U.S. Bancorp, represents about 32% of LendingClub's own personal loan portfolio. It should help boost the online lender's growth while using some of its excess capital.

By acquiring First Sound Bank in Seattle, the fintech would control the strategic direction of the combined company and won't have to share revenue, CEO Luvleen Sidhu says.