Source: SoFi
Acquisition Marks Significant Step in SoFi’s Effort to Obtain National Bank Charter
SAN FRANCISCO — March 9, 2021 — Social Finance, Inc. (“SoFi”), the digital personal finance company, today announced that it has signed a definitive agreement to acquire Golden Pacific Bancorp, Inc. (OTCPK: GPBI) and its wholly owned subsidiary Golden Pacific Bank, N.A. (together, “GPB”). GPB is a Sacramento, California-based community bank that is regulated by the Office of the Comptroller of the Currency (OCC) and has approximately $150 million in assets. SoFi will pay $2.55 in cash for each share of GPB or approximately $22.3 million in aggregate to acquire GPB to advance SoFi’s effort to obtain a national bank charter.
The proposed acquisition is a key strategic step in SoFi’s path to obtaining a national bank charter. As a result of the proposed acquisition, SoFi will switch its current de novo bank application to a change of control application. If successfully granted a national bank charter by the OCC and Federal Reserve pursuant to its change of control application, 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. Once the transaction is complete–which is anticipated before the end of 2021–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.
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March 11, 2021 | admin
Source: Black Enterprise
Earlier this year, BLACK ENTERPRISE reported that PayPal had committed over $500 million toward advancing social change and closing the racial wealth gap within the United States. This week, as part of its commitment, the tech giant has announced that it will invest $50 million into early-stage venture capital funds for Black and Latinx businesses.
The investment will be distributed between eight Black and Latinx-led venture capital funds, including Chingona Ventures, Harlem Capital, Precursor Ventures, Zeal Capital Partners, Slauson & Co., and the Fearless Fund, and another fund that was not named.
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October 28, 2020 | admin
Source: Lendio
As the coronavirus (COVID-19) pandemic continues to spread, the federal government has allocated resources to support small businesses through economic hardship and hopefully restore some of the jobs lost (now at 9.6 million people according to the latest jobs reports) as a result of mass stay-at-home orders and business closures.
Given how quickly the rollout has come—and how many changes have happened along the way—many small business owners have been left scratching their heads, saying, “Wait a second, how do these SBA coronavirus loans work, and will my business even qualify?”
Great question. Let us answer it.
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April 5, 2020 | admin
Source: Politico
U.S. lawmakers are moving to give a cash infusion to small businesses that have been hammered by the economic fallout from the coronavirus pandemic, but the industry is already sounding the alarm that it won’t be enough.
The $349 billion contained in the Senate version of the stimulus package — which stalled in Congress on Sunday — would guarantee private-sector loans to companies through the Small Business Administration, freeing up more funds for outfits struggling to keep their head above water as revenue evaporates.
But small-business owners and trade groups warn that the money is probably not sufficient and that it’s not likely to get to those most in need fast enough. Others wonder whether enough help can be distributed to a sector that’s so vulnerable because so many businesses have no cash cushion.
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March 25, 2020 | admin
