As of August 1, 2018, Crestmark is now officially a division of MetaBank®.
Learn more about MetaBank below, or visit our News page for the press release.
Who is MetaBank®?
Founded in 1954, MetaBank (Meta) is a federally chartered savings bank comprised of four main areas of business: Community Banking, National Lending, Prepaid / ATM and Tax services. Meta is known as the second largest prepaid company in the U.S. and the largest sponsor of white label ATMs in the U.S. Meta Financial Group, the holding company for MetaBank, is publicly traded on NASDAQ under the symbol CASH. Meta has grown to more than $1B in market capitalization, and well over $5B in assets.
Why was Crestmark acquired by MetaBank®?
In January 2018 MetaBank announced it would acquire Crestmark in a mutually agreeable deal. This acquisition provides Meta with a national commercial lending platform, and provides Crestmark with a base for cross-selling its business lines, allowing for greater synergies and opportunities.
When was Crestmark acquired by MetaBank®?
Following proper regulatory approvals, the acquisition was closed and completed on Aug. 1, 2018. With that closing, Crestmark officially became a division of MetaBank. Crestmark Bancorp Inc. merged with and into Meta Financial Group Inc. and Crestmark Bank merged with and into MetaBank.
How will Crestmark operate after August 1, 2018?
Following the acquisition transaction on Aug. 1, Crestmark will operate as a division of MetaBank from its headquarters in Troy, Michigan and other locations around the country. Crestmark continues to provide commercial lending for small- to medium-sized businesses. MetaBank will continue to operate as a federally chartered stock savings bank from its offices in South Dakota and its branches elsewhere throughout the country. After the closing transaction, W. David Tull, Crestmark’s chairman and CEO, and Michael Kramer, Crestmark’s legal counsel, joined the Meta board. Mick Goik, president and COO of Crestmark, became an executive vice president of MetaBank and president of the Crestmark division of MetaBank.
Is MetaBank® a private company?
MetaBank is part of the publicly-traded Meta Financial Group Inc., the holding company for MetaBank. Shares of Meta common stock are traded on the NASDAQ Global Select Market® under the symbol CASH.
How can I learn more about the acquisition?
Information that has been shared with the press will be shared on the websites for Meta Financial Group (www.metafinancialgroup.com), MetaBank (www.metabank.com), and Crestmark (www.crestmark.com) in their news sections.
How does this affect my existing financing agreement with Crestmark?
Crestmark will continue to provide commercial financing to our clients. Your existing financing agreement will not change. The terms of your contract will not change. Your Crestmark representatives and relationships will not change. Although we are now part of a larger entity, Crestmark will continue to offer the same personalized service and attention to our valued clients. All existing contracts and agreements remain in effect; you will access your account on the Crestmark website as you always have.
Is my account still FDIC insured?
All accounts remain secure and FDIC insured.
Is Crestmark moving to Sioux Falls?
Crestmark will continue to operate from its headquarters in Troy, Michigan, and locations around the country.
What if I have more questions?
All Crestmark employees and contact information remains the same. Feel free to contact your account representatives who can offer personal reassurance that business will not be altered. Media and stakeholder partners may direct inquiries to the following individual: Investor Relations: Brittany Kelley Elsasser | Director of Investor Relations | 605.362.2423 | bkelley@metabank.com