OCC, Fed OK SoFi application to become bank holding company

SoFi Technologies Inc. received regulatory approval to become a bank holding company through its proposed acquisition of Sacramento, Calif.-based Golden Pacific Bancorp Inc. and to operate its bank subsidiary as SoFi Bank NA.

The Office of the Comptroller of the Currency conditionally approved SoFi's application to create SoFi Bank, a full service national bank based in Cottonwood Heights, Utah. The Federal Reserve also approved the company's application.

The OCC conditions include specific capital contributions, adherence to an operating agreement and confirmation that the resulting bank will not engage in any crypto-asset activities or services, according to a news release from the OCC.

SoFi expects the acquisition to close in February.

Upon consummation of the transaction, SoFi Bank will have $5.3 billion in total assets and $718 million in capital at the end of the first year of operation, continue to offer the loan and deposit products previously offered by Golden Pacific and provide a fully digital, mobile-first national lending platform, according to the OCC release.