The digital finance company SoFi Technologies (NASDAQ: SOFI) announced today that the company has completed its acquisition of Golden Pacific Bancorp, and its wholly-owned subsidiary Golden Pacific Bank, National Association. The California-based community bank has approximately $150M in assets. The partnership continues SoFi’s cultural mission to improve the difficult landscape of personal finance.
Through this acquisition, SoFi will offer its range of tech features and tools to Golden Pacific customers, including a more user-friendly interface, automated savings options as well as various checking and savings accounts for pain-free budgeting. More interestingly, SoFi will also provide an ‘industry-leading’ annual percentage yield up to 1.00% for members – 33 times the national average interest.
The acquisition has been in the works for some time now, following an initial announcement last year. SoFi plans to contribute around $750M in the pursual of its national, digital business plan while holding onto Golden Pacific Bank’s community model – across the bank's three Californian branches.
Following the acquisition, Golden Pacific Bank has been officially renamed to SoFi Bank, National Association; with the community bank operating as a SoFi bank division. Current community bank President and CEO Virginia Varela will continue to lead the Golden Pacific Bank business.
Anthony Noto, SoFi CEO, stated:
“This announcement reflects SoFi’s ongoing mission to help people achieve financial independence and realize their ambitions…Through this acquisition, Golden Pacific Bank members can expect an elevated digital and more robust mobile banking experience to serve local businesses and individual customers.”
Currently, SoFi Technologies trades at a daily loss of 4.6%, at a price of $12.65.
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Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.