Golden Pacific Bancorp, Inc. Agrees to be Acquired by Social Finance, Inc.

Transaction Overview

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, National Association (together, “GPB”) a Sacramento, CA. based community bank regulated by the Office of the Comptroller of the Currency (OCC) with approximately $150 million in assets. SoFi will pay $2.55 in cash for each share of GPB or $22.3 million in aggregate to acquire GPB to advance SoFi’s effort to become a nationally chartered bank.

The acquisition is a key strategic step in SoFi's path to obtaining a national bank charter. SoFi plans to contribute $750 million in capital and pursue its national, digital business plan. Shortly following the closing of the deal, which is anticipated before the end of 2021, GPB will be renamed SoFi Bank, National Association. 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 upon regulatory approval.

“We’re excited for this new partnership with SoFi and the strength it will bring to enhance our ability to serve our customers at the highest level,” said Virginia Varela, President and CEO, Golden Pacific Bank. “We will continue our commitment to bringing more services and convenience for our individual customers, small businesses, and the communities that we serve in Sacramento and surrounding counties.”

About Golden Pacific Bancorp, Inc.

Golden Pacific Bancorp, Inc. is a bank holding company with consolidated assets of approximately $150 million. Golden Pacific Bancorp, Inc. conducts business through its banking subsidiary, Golden Pacific Bank, National Association. Golden Pacific Bank, National Association is a full-service community business bank committed to providing exceptional personal and business banking services in and around the Sacramento region, with branches in Sacramento, Yuba City and Live Oak.