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

(RTTNews) - 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.