Social Finance, Inc. (SoFi) signed a definitive agreement to acquire Golden Pacific Bancorp, Inc. (OTCPK:GPBI) for $22.3 million on March 8, 2021. SoFi plans to contribute $750 million in capital and pursue its national, digital business plan while maintaining GPB's community bank business and footprint, including GPB's current three physical branches. GPB's community bank business will operate as a division of SoFi Bank, N.A., a renaming of GPB's bank entity. GPB 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, N.A. The transaction is subject to regulatory approvals from the OCC and the Federal Reserve, and other customary closing conditions. GPB has received shareholder approval for the transaction. As of January 18, 2022, Office of the Comptroller of the Currency (OCC) and the Federal Reserve have approved its applications for SoFi to become a Bank Holding Company through its proposed acquisition of Golden Pacific Bancorp, Inc. The transaction is anticipated to completed before the end of 2021. As of January 18, 2022, the transaction is expected to close in February 2022.

Emily D. Johnson and Richard K. Kim of Wachtell, Lipton, Rosen & Katz is serving as legal advisor and Piper Sandler & Co. is serving as financial advisor to SoFi. Janney Montgomery Scott LLC is acting as financial advisor and Richard Schaberg, Sara Lenet and Les Reese of Hogan Lovells US LLP is acting as legal advisors to GPB.