Business
SoFi Completes Acquisition of Golden Pacific Bancorp, Inc.
Plans to Officially Launch SoFi Checking and Savings with up to 1.00% APY in the Coming Weeks SAN FRANCISCO--(BUSINESS WIRE)-- SoFi Technologies, Inc.
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nPlans to Officially Launch SoFi Checking and Savings with up to 1.00% APY in the Coming Weeks\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (“SoFi”), the digital personal finance company, today announced the completion of its acquisition of Golden Pacific Bancorp, Inc. (OTCPK: GPBI) and its wholly owned subsidiary Golden Pacific Bank, National Association (“Golden Pacific Bank” and together with Golden Pacific Bancorp, Inc., “GPB”). Golden Pacific Bank is a Sacramento, California-based community bank that is regulated by the Office of the Comptroller of the Currency (“OCC”) and has approximately $150 million in assets.\n\nWith this acquisition, SoFi will be able to offer improved features to members to help them get their money right. In the coming weeks, SoFi will offer better banking through, among other things, a more user-friendly interface, automated savings, as well as differentiated checking and savings accounts for easy budgeting. Additionally, SoFi will offer an industry-leading annual percentage yield up to 1.00%1 for members, providing 33 times the national average interest on balances2.\n\nThe decision to acquire Golden Pacific Bank, announced last year, was a key strategic step in SoFi’s path to obtaining a national bank charter, and was recently approved by the OCC and the Federal Reserve. SoFi plans to contribute $750 million in capital and pursue its national, digital business plan while maintaining Golden Pacific Bank’s community bank business and footprint, including Golden Pacific Bank’s current three physical branches in Sacramento, Live Oak, and Yuba City, California.\n\nWith this transaction, Golden Pacific Bank has been renamed SoFi Bank, National\n\nAssociation (“SoFi Bank, N.A.”) and Golden Pacific Bank’s community bank business will now operate as a division of SoFi Bank, N.A. Golden Pacific Bank President and Chief Executive Officer Virginia Varela will continue to lead the Golden Pacific Bank community bank business under the direction of Chad Borton, who will serve as President of SoFi Bank, N.A.\n\n\"This announcement reflects SoFi’s ongoing mission to help people achieve financial independence and realize their ambitions,\" said Anthony Noto, CEO of SoFi. \"Through this acquisition, Golden Pacific Bank members can expect an elevated digital and more robust mobile banking experienc...