Laurel Road (formerly known as Darien Rowayton Bank) is an online financial services company headquartered in New York City. Laurel Road was initially founded as the national lending division of Darien Rowayton Bank (DRB) in 2013 and acquired by KeyBank in 2019.[1] Laurel Road operates in all 50 states of the US.[2][3]
| Formerly | Darien Rowayton Bank |
|---|---|
| Company type | Public |
| Industry | Financial services |
| Founded | 2013 in Connecticut |
| Headquarters | New York City, U.S. |
| Parent | KeyBank |
The company reported that $9 billion in federal and private school loans had originated through its platform up to September 23, 2021.[4][5]
History
editIn 2006, Darien Rowayton Bank was founded in Connecticut, and in 2009,[6] the company was acquired by Alcar LLC[7][8] and a new management team was put in place.[9][10] In 2013, DRB launched the DRB Student Loan for professionals with graduate and undergraduate degree to refinance and consolidate federal and private student loans.[9] By February 2015, DRB expanded its national student loan refinancing program to include residents and fellows, enabling them to refinance their loans upon securing employment contracts.[11] In 2017, DRB announced the rebranding of its national online lending division to Laurel Road combining the two entities and becoming Laurel Road Bank.[12] In 2018, Laurel Road partnered with the American Medical Association.[13]
In April 2019, KeyBank, one of the nation’s largest bank-based financial services companies and a member of FDIC, acquired Laurel Road.[14] The three bank branches in southeast Connecticut owned by Laurel Road were not included in this transaction. Consequently, Laurel Road shifted its base to Manhattan.[1][15] In 2021, Laurel Road started a digital bank for physicians, nurses, and dentists called Laurel Road for Doctors, to help them with student debt. It also launched Laurel Road Checking.[16]
References
edit- ^ a b Soule, Alexander. "KeyBank acquires NYC lender with roots in Darien". The Hour.
- ^ Grice, Jordan. "Darien Rowayton Bank deepens roots in Park City". Connecticut Post. Retrieved 2024-04-08.
- ^ Soule, Alexander. "Darien bank squeezing out founding investors". Stamford Advocate. Retrieved 2024-04-08.
- ^ Morris, Sebastian (2022-07-24). "Laurel Road Joins 'Zero Irving' at 124 East 14th Street in Union Square, Manhattan". New York YIMBY. Retrieved 2024-04-08.
- ^ "Laurel Road Student Loan Cashback Card Review 2024 – Forbes Advisor". www.forbes.com. Retrieved 2024-04-08.
- ^ "Connecticut regulators approve sale of Darien student lender". The hour.
- ^ "Bank MergersAcquisitions in Connecticut". CT.gov - Connecticut's Official State Website. Retrieved 2024-04-10.
- ^ "Darien Rowayton Bank arranges $6.5M commercial credit facility for Clearwater Acquisitions, LLC". The Darien Times.
- ^ a b Soule, Alexander. "Darien bank squeezing out founding investors". Stamford Advocate. Retrieved 2024-04-10.
- ^ Fallon, Bill. "Darien Rowayton Bank president sees brighter future". Stamford Advocate.
- ^ Bisbey, Allison (2018-04-02). "Laurel Road finds a novel solution to a uniquely bank problem". Asset Securitization Report. Retrieved 2024-04-08.
- ^ Soule, Alexander; Tewa, Sophia. "Darien Rowayton Bank changes name to Laurel Road Bank". The Hour.
- ^ "Laurel Road offers help on medical student debt". Connecticut Post. Retrieved 2024-04-08.
- ^ Arghandewal, Ariana (2023-12-18). "Laurel Road High Yield Savings Account review 2024". CNN Underscored Money. Retrieved 2024-04-10.
- ^ Soule, By Alexander. "Connecticut approves new name for Darien bank". The News-Times. Retrieved 2024-04-10.
- ^ "Laurel Road Student Loan Cashback Card Review 2024 – Forbes Advisor". www.forbes.com. Retrieved 2024-04-10.