MetaBank Closes Sale of the Community Bank Division
SIOUX FALLS, S.D., March 02, 2020 (GLOBE NEWSWIRE) -- MetaBank, a wholly-owned subsidiary of Meta Financial Group, Inc. (Nasdaq: CASH) (the “Company”), today announced that the sale of MetaBank’s
community bank division to Central Bank closed on February 29, 2020 (the "Closing Date").
On November 20, 2019, the Company announced that MetaBank entered into a definitive agreement with Central Bank, a state-chartered bank headquartered in Storm Lake, Iowa, for the sale of the community bank division. The sale included all of the community bank's deposits, branch locations, fixed assets, employees, and a portion of the community bank’s loan portfolio.
As of the Closing Date, the agreement provided that Central Bank assume deposits with balances of approximately $280 million and acquire loans with balances of approximately $270 million, associated with the community bank division. The remaining community bank loans, approximately $900 million, not being sold to Central Bank will be retained by the Company under a servicing agreement with Central Bank.
The transaction is expected to result in a pre-tax net gain to the Company of approximately $18 million, subject to final settlement.
This press release and other important information about the Company are available at metafinancialgroup.com.
Lesen Sie auch
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views
with respect to, among other things, future events, including those relating to the closing of the sale of the community bank division. These statements are often, but not always, made through the
use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”,
“would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. Accordingly, we caution you that any such
forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the
expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the
forward-looking statements as a result of various risks, uncertainties and other factors, including, without limitation, the final settlement of pre-tax net gain. For a discussion of some of the
risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission filings, including, but not limited to, our Annual Report
on Form 10-K for the fiscal year ended September 30, 2019. The Company expressly disclaims any intent or obligation to update any forward-looking statements, whether written or oral, that may
be made from time to time by or on behalf of the Company or its subsidiaries, whether as a result of new information, changed circumstances or future events, or for any other reason.