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SOFI faces intense competition from other players in the finance space, such as Ally Financial Inc. (NYSE:ALLY) and Synchrony Financial (NYSE:SYF). In March, SOFI announced its plans to acquire Golden Pacific Bancorp and the bank charter that comes with it. That would allow the bank to gather cheap deposits and originate loans without involving a third-party bank. This could function as a catalyst for its growth.
However, according to a Business Journals report, a Golden Pacific Bancorp director has filed suit over the Sofi acquisition. If the court finds the shares of Golden Pacific Bancorp were not lawfully obtained, the plaintiff could block the acquisition altogether. So, the stock’s near-term prospects look bleak.
