RTTNews | Jan 19, 2022 07:39AM EST

07:39 Wednesday, January 19, 2022 (RTTNews.com) - Shares of personal finance company SoFi Technologies, Inc. (SOFI) are rising more than 17% in pre-market on Wednesday after the company received regulatory approval to become a national bank.

SoFi said that the Office of the Comptroller of the Currency (OCC) and the Federal Reserve have approved its applications to become a bank holding company through its proposed acquisition of Golden Pacific Bancorp, Inc.

The acquisition is expected to close in February.

"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, while continuing to uphold a high bar of regulatory standards and compliance," said Anthony Noto, CEO of SoFi.

SOFI closed at 12.06, down $1.14 or 8.64% on Tuesday. It is currently at $14.20.

Read the original article on RTTNews ( https://www.rttnews.com/3255909/sofi-technologies-rallies-in-pre-market-after-getting-nod-to-become-national-bank.aspx)

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