KeyBank on Thursday announced that it has completed its acquisition of Laurel Road Bank’s digital-lending business.
The transaction’s financial terms weren’t disclosed. Laurel Road is based in New York City.
KeyBank contends the acquisition will aid its strategic-growth efforts by “enhancing” its digital capabilities through “customized, end-to-end lending products.”
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KeyBank wants to accelerate growth by leveraging Laurel Road’s national reach, existing infrastructure, and technology capabilities. The Laurel Road brand will remain in place. Laurel Road’s three bank branches located in southeast Connecticut are not part of this transaction.
KeyBank was advised in the transaction by KeyBanc Capital Markets Inc., the corporate and investment banking unit of KeyBank parent company KeyCorp (NYSE: KEY), and New York City–based law firm Debevoise & Plimpton.
Toronto, Canada–based RBC Capital Markets (NYSE: RY) and New York City–based law firm Fried, Frank, Harris, Shriver & Jacobson LLP advised Laurel Road Bank in the deal.
KeyBank — which is headquartered in Cleveland, Ohio — operates several dozen branches across the 16-county Central New York region.
Laurel Road has built a student-loan refinancing platform, which launched in 2013 and has rapidly grown to total more than $4 billion in loan originations to date, per the KeyBank release.
Contact Reinhardt at ereinhardt@cnybj.com
