SoFi will acquire Golden Pacific Bancorp and its wholly-owned subsidiary Golden Pacific Bank (together, “GPB”). GPB is a Sacramento, CA.-based community bank that is regulated by the Office of the Comptroller of the Currency (OCC) and has approximately US$150 million in assets. SoFi will pay US$2.55 in cash for each share of GPB or US$22.3 million in aggregate to acquire GPB to advance SoFi’s effort to become a nationally chartered bank.
The team, led by M&A partner Richard Schaberg and included M&A counsel Sara Lenet and capital markets partner Les Reese, advised on deal structuring and all regulatory considerations and approvals. The merger is expected to close by the end of 2021, and upon completion, GPB will be renamed SoFi Bank, National Association. President and Chief Executive Officer Virginia Varela will continue to lead the GPB community bank business under the direction of Paul Mayer, who will serve as President of SoFi Bank upon regulatory approval.
The acquisition is a step in SoFi’s path to obt
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.