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Meta Financial Group Receives Regulatory OKs for Crestmark Acquisition

June 29, 2018, 07:25 AM
Filed Under: Mergers & Acquisitions

Meta Financial Group, Inc., the holding company for its federally chartered savings bank subsidiary, MetaBank, announced all necessary bank regulatory approvals relating to the acquisition of Crestmark Bancorp, Inc., 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 Aug. 1.

As previously disclosed, Meta and Crestmark shareholders approved the transaction at their respective special meetings of shareholders held on May 29.

“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.

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