SoFi (NASDAQ: SOFI) has launched a new brand campaign titled “Break Up With Bad Banking,” urging consumers to move away from unfulfilling relationships with traditional banks. This initiative coincides with Valentine’s Day and highlights the low approval ratings of banks. The campaign includes digital and influencer marketing across social media platforms and TV ads starting early March. SoFi is also rewarding participants with $75,000 in SoFi Reward Points through a TikTok challenge and engaging fans during the Super Bowl with additional giveaways. SoFi recently completed its acquisition of Golden Pacific Bancorp (OTCPK: GPBI), offering a competitive APY of up to 1.00% for direct deposit accounts.
SoFi Technologies has completed its acquisition of Golden Pacific Bancorp and its subsidiary, Golden Pacific Bank, enhancing its banking capabilities. The transaction includes a capital contribution of $750 million by SoFi, allowing it to offer improved services and a competitive annual percentage yield (APY) of up to 1.00%, significantly above the national average. The acquisition supports SoFi's strategy to obtain a national bank charter and aims to provide a better digital banking experience for its members. Golden Pacific Bank has been renamed SoFi Bank, N.A.
SoFi has announced its agreement to acquire Golden Pacific Bancorp (GPBI) for $2.55 per share, totaling approximately $22.3 million. This acquisition aims to facilitate SoFi's pursuit of a national bank charter by allowing it to transition its de novo application to a change of control application. The deal will enhance SoFi's service offerings and operational efficiency by enabling it to accept deposits and make loans using member deposits. The transaction is anticipated to close before the end of 2021, pending regulatory approvals.