Former Charles Schwab Executive Joins Lending Club As New Chief Financial Officer

Carrie Dolan to Help Lead Lending Club's Rapid Growth

Redwood City, CA – August 19, 2010 – Lending Club, the world’s leading peer lending network, has appointed Carrie Dolan, former SVP and treasurer for The Charles Schwab Corporation, as its new chief financial officer. As CFO, Dolan will be responsible for Lending Club’s financial management and strategy as the company achieves its next phase of growth.

“We have assembled an executive team of innovators who are passionate about transforming industries, and Carrie is an ideal fit. Her financial experience at a leading financial services company will be an asset to Lending Club as we continue to grow and offer new services,” said Renaud Laplanche, CEO of Lending Club.

Dolan was previously the senior vice president and treasurer for The Charles Schwab Corporation, the leading provider of securities brokerage, banking, and financial advisory services to individual investors and independent investment advisors. Dolan also served as the chief financial officer for Schwab Bank, which she helped launch in 2003.  In mid 2007, Dolan significantly restructured Schwab’s capital position and throughout the financial crisis, she maintained strong capital and liquidity positions while concurrently managing significant balance sheet growth. 

“I’m excited to join the Lending Club team,” Dolan said. “The company has quickly established itself as an innovator and leader within the new generation of financial services providers, and I look forward to helping it manage the next stage of its growth.”  

Prior to Schwab, Dolan held a variety of positions at Chevron in financial planning and analysis, management reporting, accounting, credit and treasury. During her tenure she helped launch Chevron Credit Bank, where she served as CFO and was a member of the board of directors.

Dolan received both her finance bachelor’s degree and her MBA degree from the Haas School of Business at the University of California, Berkeley.

Lending Club removes banks from the lending process by providing a platform that enables consumers to obtain fixed rate loans, and investors to capture the spread on consumer debt. Since 2007, investors have earned a Net Annualized Return of over 9.5 percent, and borrowers have obtained loans at rates 20 to 30 percent below marketplace alternatives. 

About Lending Club
Lending Club is a peer lending network bringing together investors and creditworthy borrowers.  Lending Club eliminates the high cost and complexity of traditional bank lending to offer borrowers better rates and investors better returns.  Lending Club was recently recognized as one of the 20 "Breakthrough Ideas for 2009" by Harvard Business Review, has been nominated for "Top 100 Innovators" by The Industry Standard, is on the JMP Hot 100 list, and the AlwaysOn Global 250 Top Private Companies list.  In addition Lending Club won the Webby Award in 2008 for the "Best Banking Website". Founded in 2006, Lending Club is headquartered in Redwood City, CA. More information is available at: http://www.lendingclub.com.

Loans are not issued in IA, ID, IN, KS, ME, MS, NC, ND, NE, or TN. Loans are issued by WebBank, an FDIC insured Utah chartered industrial bank located in Salt Lake City, Utah. Borrowers must be US citizens or permanent residents and at least 18 years old. Valid bank account and social security numbers are required. All loans are subject to credit approval.

Additional information about Lending Club is available in the prospectus for Lending Club's notes, which can be obtained on Lending Club's website at https://www.lendingclub.com/info/prospectus.action.

Press Contact:
Katherine Madariaga
Atomic PR
415-593-1400
Katherine@atomicpr.com


###

Financial Innovation

...earned its place on an income investor’s menu.

Wall Street Journal

Featured Borrower

Andy

"The interest rate on my loan through Lending Club is a third less than what I was paying before, and it’s very satisfying to know that there is an end date for being done with my debt."