GPBI - SoFi will buy a tiny community bank to become a national digital bank

The latest fintech to push into the banking business, Social Finance (SOFI) agrees to buy a tiny community bank, Golden Pacific Bancorp (GPBI), for about $22.3M in its effort to get a national bank charter.As a result of the proposed acquisition, SoFi will switch its current de novo bank application to a change of control application.SoFi will pay $2.55 per cash for each GPBI share, representing a 55% premium to the stock's closing price of $1.65 on Monday.If successful in obtaining the national bank charter by the Office of the Comptroller of the Currency ("OCC") and Federal Reserve, SoFi plans to contribute $750M in capital to pursue its national digital business plan, while maintaining GPBI's community bank business and footprint, including its three physical branches.SoFi expects to complete the transaction by the end of 2021.A national bank charter will allow SoFi to accept deposits and make loans that use SoFi’s

For further details see:

SoFi will buy a tiny community bank to become a national digital bank