Golden Pacific Bank is a community bank that is regulated by the Office of the Comptroller of the Currency (OCC) and has approximately USD 150 million in assets.
In the coming weeks, SoFi will offer better banking through a more user-friendly interface, automated savings, as well as differentiated checking and savings accounts for easy budgeting.
The decision to acquire Golden Pacific Bank, announced in 2021, was a 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 USD 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.
Golden Pacific Bank has received shareholder approval for the transaction. Wachtell, Lipton, Rosen & Katz is serving as legal advisor and Piper Sandler & Co. is serving as financial advisor to SoFi. Janney Montgomery Scott LLC is acting as financial advisor and Hogan Lovells US LLP is acting as legal advisor to Golden Pacific Bank.
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