MetaBank Announces Agreement To Sell Community Bank Division To Central Bank

Meta Financial Group, Inc.® (NASDAQ:CASH) (“Meta” or the “Company”) today announced that MetaBank®, a wholly-owned subsidiary of Meta, has entered into an agreement with Central Bank

Benzinga · 11/20/2019 21:19

Meta Financial Group, Inc.® (NASDAQ:CASH) (“Meta” or the “Company”) today announced that MetaBank®, a wholly-owned subsidiary of Meta, has entered into an agreement with Central Bank (“Central”), headquartered in Storm Lake, Iowa, for the sale of MetaBank’s community bank division. Included in the sale are all of MetaBank's community bank branches located in Iowa and South Dakota, as well as deposits and fixed assets related thereto, representing approximately $270 million of deposits. Also included in the sale are approximately $265 million of loans. Following the closing of the transaction, MetaBank will retain approximately $935 million of loans associated with MetaBank’s community bank division that will run-off over time and will be serviced by Central following the closing. The branches will be rebranded as Central Bank following the closing of the transaction.