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SoFi to become a national bank

Thursday 20 January 2022 11:28 CET | News

Office of the Comptroller of the Currency (OCC) and the Federal Reserve have approved SoFi’s applications to become a Bank Holding Company through its proposed acquisition of Golden Pacific Bancorp.

SoFi expects the acquisition to close in February 2022, subject to completion or waiver of the remaining customary closing conditions.

In 2021, in a strategic step in SoFi’s path to obtaining a national bank charter, the company announced a definitive agreement by its subsidiary Social Finance to acquire Golden Pacific Bancorp and its wholly owned subsidiary Golden Pacific Bank.

SoFi plans to contribute USD 750 million in capital and pursue its national, digital business plan while maintaining GPB’s community bank business and footprint, including GPB’s current three physical branches. At the time of the announcement, SoFi submitted a revised business plan for GPB to the OCC and an application to become a bank holding company and for a change of control to the Federal Reserve for approval. 


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Keywords: regulation, banks, banking license, acquisition, merger
Categories: Banking & Fintech
Companies:
Countries: United States
This article is part of category

Banking & Fintech