US-based digital personal finance company Social Finance (SoFi) has signed a definitive agreement to acquire Golden Pacific Bancorp, a California-based bank holding company.

The move is part of the online lender’s efforts to obtain a national bank charter.

As agreed, SoFi will pay a total of $22.3m in cash to purchase all shares of Golden Pacific Bancorp.

With nearly $150m in consolidated assets, Golden Pacific Bancorp conducts business through its banking subsidiary called Golden Pacific Bank.

The bank offers personal and business banking services with branches in Sacramento, Yuba City and Live Oak regions.

SoFi CEO Anthony Noto said: “We believe that by pursuing a national bank charter, we will be able to help even more people get their money right with enhanced value and more products and services.

“We are thrilled to have found a partner in Golden Pacific Bank to both accelerate our pursuit to establish a national bank subsidiary, as well as begin to expand our offerings in SoFi’s financial products and Galileo’s technology platform to serve local communities.”

The completion of the transaction is subject to several closing conditions including green light from the OCC and the Federal Reserve.

However, SoFi will now switch its current de novo bank application to a change of control application.

Once it receives a national bank charter, SoFi will contribute $750m in capital to support its business plan.

The online lender will also maintain Golden Pacific Bancorp’s community bank business and footprint.