A community bank in California SoFi, or Social Finance, announced on Tuesday that it would purchase community bank Golden Pacific Bancorp for $22.3 million in
SoFi said it would pay $2.55 per share for Golden Pacific, located in Sacramento, California.
In a separate announcement, SoFi confirmed the introduction of its first credit card.
In a contract with a blank-check company backed by seasoned investor Chamath Palihapitiya in January, the venture was priced at $8.65 billion.
SoFi was established in 2011 to take advantage of banks’ withdrawal from vast swaths of consumer credit in the wake of the 2008 financial crisis.
Galileo, a payments platform, was purchased by the online lender for $1.2 billion last year.
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