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SoFi announced that it has agreed to acquire Golden Pacific Bancorp (GPB) for about $22.3m. The dollar amount is not staggering. What is more notable about the acquisition is that it’s giving SoFi a quick route to getting a national bank charter. A national bank charter will give SoFi the ability to accept deposits and make loans that use SoFi’s member deposits as opposed to funding its loan offerings as a nonbank, by contracting external underwriters at a premium.
“We believe that by pursuing a national bank charter, we will be able to help even more people get their money right with enhanced value and more products and services,” said SoFi CEO Anthony Noto in a written statement. “We are thrilled to have found a partner in Golden Pacific Bank to both accelerate our pursuit to establish a national bank subsidiary, as well as begin to expand our offerings in SoFi’s financial products and Galileo’s technology platform to serve local communities.”
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