KeyBank N.A. has completed the acquisition of Laurel Road Bank’s digital lending business, according to a company release.

New York-based Laurel Road launched in 2013 with an online student loan business and has originated more than $4 billion in loans to date. The bank launched an online mortgage loan process in 2018, offering borrowers an expedited online application process.

Key Bank said it plans to focus on three major areas of growth with this application:

1. Building upon the Laurel Road digital lending business through strategic partnerships and direct-to-market branding to enhance relationships.

2. Boosting the client experience by further developing the online lending technology.

3. Delivering a holistic experience to millennial professionals.

"The three pillars we’ve outlined aim to expand our business and offer more customer segments a comprehensive, digitally led suite of services, and Laurel Road is a pivotal piece of this growth plan," said Jamie Warder, head of digital at KeyBank.

Officials said the Laurel Road brand will remain in place; the bank’s three Connecticut branches are not part of the transaction.