LendingClub Corp. agreed to buy Radius Bancorp, which includes its digital subsidiary Radius Bank, for $185 million in cash and stock, marking the first time a U.S. fintech has announced the acquisition of a bank. 

LendingClub, an online marketplace that provides $12.3 billion in loans, will combine with Boston-based Radius, which was founded in 1987 and has $1.4 billion in assets. 

"This is a transformational transaction that allows us to reimagine banking in a way that is free from legacy practices and systems, and where the success of LendingClub is aligned with the success of our customers," Scott Sandborn, CEO of LendingClub, said in a company release. "By combining with Radius, we create a category-defining experience for our members that will dramatically enhance the resilience and earnings trajectory of our business."

The LendingClub board of directors has created a Temporary Charter Bank Protection Agreement, also known as a stockholders rights agreement, to prevent the closing from being delayed and to comply with federal regulations. 

The agreement provides for the dilution of any person or entity that buys 25% or more equity in the LendingClub or 7.5% of LendingClub's voting securities. The agreement will expire immediately after the deal is closed or after 18 months, whichever happens first. Officials said the deal is expected to close in 12 to 18 months.