As part of its Q1 earnings press release, the board of directors of Lending Club announced last week that it had accepted the resignation of Renaud Laplanche as Chairman and CEO following an internal review of sales of $22 million in near-prime loans to a single investor. This announcement also presented the company’s first quarter earnings reports, which showed Lending Club stock earning $0.01 per share, less than the $0.05 that was projected, but still a modest $4.1M contribution toward Net Income (up from a loss of $6.4M for the same period last year). This past Monday, after the markets opened, shares of the company were down as much as 26%.
Partner Spotlight: OBDC Small Business Finance
CRF is proud to collaborate with organizations that have a passion for helping small businesses, particularly those owned by minorities, women and veterans or that are located in low-income communities. This month’s spotlight shines on one of our amazing partners, OBDC Small Business Finance.