Digital personal finance company SoFi Technologies has completed its previously announced acquisition of Golden Pacific Bancorp as well as its wholly owned subsidiary Golden Pacific Bank, National Association.
The acquisition closed nearly a year after the companies signed a definitive agreement for the combination.
California-based community lender Golden Pacific Bank has around $150m in assets and it is regulated by the Office of the Comptroller of the Currency (OCC).
The deal will enable SoFi to provide improved features to its members. This will include better banking services in the upcoming weeks through automated savings, differentiated checking, and savings accounts for easy budgeting.
The acquisition was a key step for SoFi to obtain a national bank charter. Last month, the company secured regulatory clearance to become a bank.
SoFi CEO Anthony Noto said: “This announcement reflects SoFi’s ongoing mission to help people achieve financial independence and realise 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.”
Now, Golden Pacific Bank will be operated as SoFi Bank, National Association, and Golden Pacific Bank’s community bank business will be operated as a SoFi Bank, N. A’s division. Golden Pacific Bank president and CEO Virginia Varela will also continue to lead the Golden Pacific Bank community bank business.