By Sam Boughedda
Investing.com — SoFi Technologies Inc. (NASDAQ:SOFI) has taken an over 9% tumble Wednesday following news it has completed the acquisition of Golden Pacific Bancorp, Inc.
Golden Pacific Bank — which will be renamed SoFi Bank, National Association ("SoFi Bank, N.A.") following the transaction — is a Sacramento, California-based community bank with approximately $150 million in assets. The initial announcement of the acquisition was made in March last year and helped SoFi obtain a national bank charter.
SoFi said it will contribute $750 million in capital and pursue its national, digital business plan. However, it will maintain Golden Pacific Bank’s community bank business, including its three physical branches in Sacramento, Live Oak, and Yuba City.
This announcement reflects SoFi’s ongoing mission to help people achieve financial independence and realize their ambitions," said Anthony Noto, CEO of SoFi.
"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."