Digital personal finance company SoFi Technologies has completed its acquisition of Golden Pacific Bank, a Sacramento-based community bank with approximately $150 million in assets.
“With this acquisition, SoFi will be able to offer improved features to members to help them get their money right,” the company said in a news release Wednesday (Feb. 2).
“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.”
SoFi announced plans to acquire the bank last year, financing the deal with $750 million in capital with the goal of pursing its national, digital business plan while upholding Golden Pacific’s community bank business and maintaining its branches in Sacramento, Live Oak, and Yuba City, California.
With this transaction, Golden Pacific Bank has been renamed SoFi Bank, National Association, with Golden Pacific Bank’s community bank business now operating as a division of SoFi Bank.
Golden Pacific Bank President and Chief Executive Officer Virginia Varela will continue to lead the Golden Pacific Bank community bank operations under the direction of Chad Borton, who becomes president of SoFi Bank.
“This announcement reflects SoFi’s ongoing mission to help people achieve financial independence and realize their ambitions,” SoFi CEO Anthony Noto said. “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.”
Read more: SoFi Granted Bank Charter
Last month, SoFi received approval to become a national bank from the Office of the Comptroller of the Currency (OCC) and the Federal Reserve.
Based in Silicon Valley and launched in August 2011, SoFi is a digital services firm that offers its 3 million members services that include student loan refinancing, mortgages, personal loans, credit cards, investing and banking.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More