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Shareholders OK Merger of Meta Financial Group, Crestmark Bancorp

May 30, 2018, 07:15 AM
Filed Under: Mergers & Acquisitions

Meta Financial Group, Inc., the holding company for its federally chartered savings bank subsidiary, MetaBank, and Crestmark Bancorp, Inc., the holding company for its Michigan state-chartered bank subsidiary, Crestmark Bank, announced the results of their Special Meetings of Shareholders held Tuesday.

Meta’s and Crestmark’s respective shareholders approved the proposal to adopt the agreement and plan of merger entered into by the parties as of Jan. 9, 2018, and to approve the merger of Meta and Crestmark and the other transactions contemplated by the merger agreement.

Meta shareholders also approved a proposal to increase the number of authorized shares of Meta common stock from 30 million to 90 million, for the purpose of facilitating a proposed 3-for-1 forward split of issued and outstanding shares of Meta common stock through a stock dividend.

Completion of the merger remains subject to customary closing conditions, including receipt of regulatory approvals, which are still pending.  The companies anticipate the merger will close in early July.

Headquartered in Troy, Mich., Crestmark provides working capital loan solutions, line of credit solutions, equipment leasing, equipment financing and financial services to businesses. Meta is based in Sioux Falls, S.D.

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