Meta Financial Group, Inc.® Announces Bank Regulatory Approvals for the Acquisition of Crestmark Bancorp, Inc.
June 28 2018 - 4:10PM
Meta Financial Group, Inc.® (NASDAQ:CASH) (“Meta” or the
“Company”), the holding company for its federally chartered savings
bank subsidiary, MetaBank®, announced today that all necessary bank
regulatory approvals relating to the acquisition of Crestmark
Bancorp, Inc. (“Crestmark”), the holding company for its Michigan
state-chartered bank subsidiary, Crestmark Bank, have been
received. Subject to the satisfaction of customary closing
conditions, and following the expiration of the 15-day waiting
period required by the U.S. Department of Justice, the transaction
is expected to close on Wednesday, August 1, 2018.
As previously disclosed, Meta and Crestmark shareholders
approved the transaction at their respective special meetings of
shareholders held on May 29, 2018.
“With bank regulatory and shareholder approvals in hand, we are
looking forward to completing this transformational deal. Work
towards the integration process continues and we are excited to
capitalize on growth opportunities and innovation in the commercial
and industrial lending space,” said J. Tyler Haahr, Chairman and
CEO of Meta.
About Meta Financial Group
Meta Financial Group, Inc. ("Meta") is the holding company for
MetaBank®, a federally chartered savings bank. Shares of Meta
common stock are traded on the NASDAQ Global Select Market® under
the symbol CASH. Headquartered in Sioux Falls, S.D., MetaBank
operates in both the Banking and Payments industries through:
MetaBank, its community banking operation; Meta Payment Systems,
its electronic payments division; AFS/IBEX, its commercial
insurance premium financing division; and Refund Advantage, EPS
Financial and Specialty Consumer Services, its tax-related
financial solutions divisions. More information is available at
metafinancialgroup.com.
About Crestmark Bancorp, Inc.
Crestmark Bancorp Inc. is the holding company for Crestmark
Bank, a Michigan state-chartered FDIC-insured commercial bank with
regional offices in six states and sales representation nationwide.
Headquartered in Troy, Michigan, Crestmark provides working capital
loan solutions, line of credit solutions, equipment leasing,
equipment financing and financial services to businesses in a wide
range of industries. More information is available at
crestmark.com.
Forward Looking Statements
The Company and MetaBank (the “Bank”) may from time to time make
written or oral “forward-looking statements,” including statements
contained in this press release, the Company’s filings with the
Securities and Exchange Commission (“SEC”), the Company’s reports
to stockholders, and in other communications by the Company and the
Bank, which are made in good faith by the Company pursuant to the
“safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. You can identify forward-looking statements by
words such as “may,” “hope,” “will,” “should,” “expect,” “plan,”
“anticipate,” “intend,” “believe,” “estimate,” “predict,”
“potential,” “continue,” “could,” “future,” “looking forward to” or
the negative of those terms, or other words of similar meaning or
similar expressions. You should carefully read statements that
contain these words because they discuss our future expectations or
state other “forward-looking” information.
These forward-looking statements are based on information
currently available to Meta and assumptions about future events,
and include statements with respect to the Company’s beliefs,
expectations, estimates, and intentions, which are subject to
significant risks and uncertainties, and are subject to change
based on various factors, some of which are beyond the Company’s
control. Such risks, uncertainties and other factors may cause our
actual growth, results of operations, financial condition, cash
flows, performance and business prospects and opportunities to
differ materially from those expressed in or implied by these
forward-looking statements. These statements include, among others,
statements regarding the expected timetable for completing the
transaction and statements regarding the potential benefits of the
proposed transaction, including with respect to potential growth
opportunities for the combined company. The potential risks,
uncertainties and other factors that could cause actual results to
differ from those projected include, among other things, the
parties’ ability to satisfy the other conditions to closing, on a
timely basis or at all and that expected growth opportunities,
beneficial synergies and/or operating efficiencies from the
proposed transaction may not be fully realized or may take longer
to realize than expected.
The foregoing list of factors is not exclusive. We caution you
not to place undue reliance on these forward-looking statements.
The forward-looking statements included in this press release speak
only as of the date hereof. Additional discussions of factors
affecting the Company’s business and prospects are reflected under
the caption “Risk Factors” and in other sections of the Company’s
Annual Report on Form 10-K for the Company’s fiscal year
ended September 30, 2017, and in other filings made with the SEC.
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.
Media
Contact: |
Investor
Relations Contact: |
Katie LeBrun |
Brittany Kelley
Elsasser |
Corporate
Communications Director |
Director of Investor
Relations |
605.362.5140 |
605.362.2423 |
klebrun@metabank.com |
bkelley@metabank.com |
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