SoFi Technologies will officially launch its checking and savings accounts

Golden Pacific Bancorp, Inc. and its wholly owned subsidiary Golden Pacific Bank National Association have been acquired by SoFi Technologies, Inc.
By: Millennium Capital Management
CENTRAL, Hong Kong - March 29, 2022 - PRLog -- A digital personal finance startup ("Golden Pacific Bank" and together with Golden Pacific Bancorp, Inc., "GPB"). Golden Pacific Bank is a community bank situated in Sacramento, California, with roughly $150 million in assets and is regulated by the Office of the Comptroller of the Currency ("OCC").

SoFi will be able to provide greater services to members as a result of this purchase, allowing them to make better financial decisions. SoFi will provide improved banking in the coming weeks, including a more user-friendly design, automated savings and distinct checking and savings accounts for simple budgeting, among other things. SoFi will also provide users with an industry-leading annual percentage yield of up to 1.00%, which is 33 times the national average interest rate on balances.

The purchase of Golden Pacific Bank when announced last year, was a major strategic step on SoFi's road to getting a national Bank charter especially when the OCC and the Federal Reserve just authorized it. SoFi intends to invest $750 million in capital and pursue its global, digital business strategy while keeping Golden Pacific Bank's community Bank business and footprint, which includes the Bank's three physical locations in Sacramento, Live Oak and Yuba City.

Golden Pacific Bank has been renamed SoFi Bank National after this deal.

SoFi assists people in achieving financial independence and realizing their dreams. Our borrowing, saving, spending, investing and protecting solutions provide our almost three million members with quick access to the tools they need to manage their money. SoFi membership includes the necessities for success, such as career counsellors and access to a growing network of like-minded, ambitious individuals. SoFi Stadium, home of the Los Angeles Chargers and Rams, also has SoFi as a naming rights partner. Visit or download their iOS and Android apps for additional information.

For more latest news in US Stock Market, you may also visit us at Millennium Capital Management (Hong Kong) Limited through our website or contact us via email.

Source:Millennium Capital Management
Tags:Millennium Capital Management
Location:Central - Hong Kong Island - Hong Kong
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Page Updated Last on: Aug 12, 2022
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