SoFi Technologies Inc (NASDAQ: SOFI) is trading higher Thursday on continued strength after the company on Tuesday announced it received approval to become a Bank Holding Company.
The Office of the Comptroller of the Currency and the Federal Reserve approved SoFi’s applications to become a Bank Holding Company through its proposed acquisition of Golden Pacific Bancorp.
The transaction is expected to close in February. SoFi said it plans to operate its bank subsidiary as SoFi Bank, National Association.
“With a national bank charter, not only will we be able to lend at even more competitive interest rates and provide our members with high-yielding interest in checking and savings, it will also enhance our financial products and services to ensure they efficiently meet the needs of our members, business partners, and communities across the country,” said Anthony Noto, CEO of SoFi.
SoFi’s stock has also seen interest on social media in Thursday’s session. It was the top trending stock on Stocktwits at publication time.
See Also: This Investor Remains Bullish And Has No Plans To Sell SoFi Technologies After Bank Approval
Initially known for its student loan refinancing business, SoFi has expanded its product offerings to include personal loans, credit cards, mortgages, investment accounts, financial planning and banking services.
SOFI Price Action: SoFi has traded as low as $12.02 and as high as $24.95 over a 52-week period.
The stock was up 18.3% at $16.22 at time of publication.
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