MetaBank, a wholly-owned subsidiary of Meta Financial Group, has wrapped up the sale of its community bank division to Central Bank.
MetaBank signed an agreement for the divestment of its community bank division to Central Bank, a state-chartered bank headquartered in Storm Lake, Iowa in November last year.
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The deal encompassed all of the community bank’s deposits, branch locations, fixed assets, and employees.
It also included a portion of the community bank’s loan portfolio.
As a part of the agreement, Central Bank assumed deposits with balances of approximately $280m and acquired loans with balances of nearly $270m, associated with the community bank division.
The remaining community bank loans, which was sold to Central Bank, stands at approximately $900m.
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By GlobalDataIt will be retained by the company under a servicing agreement with Central Bank.
MetaBank, subject to final settlement, expects the deal to result in a pre-tax net gain of about $18m.
Central Bank is a family-owned bank that was chartered in 1877. It specialises in community banking and has assets more than $940m.
It offers personal, business and private banking services, insurance products and risk management services.
It employs approximately 200 staff in 17 locations across Iowa and South Dakota.
