SoFi Technologies wraps up acquisition of Golden Pacific Bancorp

SoFi Technologies has wrapped up the previously announced $22.3 million acquisition of California-based bank holding company Golden Pacific Bancorp and its fully-owned subsidiary Golden Pacific Bank, National Association.

The deal was announced by the digital personal finance company in March 2021.

Virginia Varela — Golden Pacific Bank President and CEO said: “This new partnership will enhance our ability to provide the highest level of service while offering our customers a suite of products designed to help them get their money right.

“I look forward to working hand in hand with our new team as we continue to deepen our community banking experience in Sacramento and surrounding counties.”

The acquisition of Golden Pacific Bancorp, which has nearly $150 million in assets, has been an important strategic step for SoFi Technologies to obtain a national bank charter. Last month, SoFi Technologies secured approvals from the Office of the Comptroller of the Currency (OCC) and the Federal Reserve to become a bank holding company.

Golden Pacific Bank will now operate as SoFi Bank, National. The full service community business bank offers personal and business banking services in and around the Sacramento region.

SoFi Bank, National has branches in Sacramento, Live Oak, and Yuba City.

Anthony Noto — CEO of SoFi said: “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.”