SoFi Technologies Inc (NASDAQ:SOFI) shares are on the move Wednesday after the company announced it received approval to become a Bank Holding Company.
What Happened: 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.
Related Link: Why This Analyst Believes SoFi Technologies Will Disrupt Legacy Consumer Finance
Why It Matters: "Tell me where you can find a bank that's going to give you 40% to 50% revenue growth and expanding margins," Virtus Investment Partners' Joe Terranova said Wednesday on CNBC's "Fast Money Halftime Report."
When comparing SoFi to other banks, the company's prospects really stand out. Terranova told CNBC that he owns shares and has no plans to sell because SoFi offers the opportunity to own a bank that also has the characteristics of a growth stock.
He noted that he will be paying attention to what SoFi CEO Anthony Noto says during his live CNBC interview this evening. Noto is set to be featured on "Mad Money" tonight with Jim Cramer.
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 18.41% at $14.28 at the time of publication.
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