(Sioux Falls, S.D.)– Meta Financial Group, Incorporated announced late Wednesday it’s selling its MetaBank community bank division to Storm Lake-based Central Bank.
MetaBank has about $270 million in deposits. Included in the sale is about $265 million in loans. MetaBank will retain about $935 million of loans associated with its banking division that will run-off over time and be serviced by Central Bank following the closing.
MetaBank branches will be rebranded as Central Bank once the transaction is closed.
Terms of the agreement call for Central Bank to offer employment to all MetaBank community bank employees.
The transaction is subject to regulatory and third-party approval and is expected to close late in the first calendar quarter of 2020.
