Meta Financial Group Inc., the holding company for MetaBank, announced it completed the previously announced acquisition of Crestmark Bancorp Inc. and its Michigan state-chartered bank subsidiary, Crestmark Bank. Crestmark has provided business-to-business commercial financing for over 21 years.
W. David Tull, Crestmark's chairman and chief executive officer, and Michael R. Kramer, a member at the law firm Dickinson Wright PLLC, were appointed to the board of directors of Meta and MetaBank. Mick Goik, president and chief operating officer of Crestmark, was named executive vice president of MetaBank and president of the Meta Commercial Finance Division, which will include Crestmark.
Crestmark will continue to operate from its headquarters in Troy, Mi.
The acquisition was first publicly announced on Jan. 9, 2018, and was consummated following receipt of regulatory and shareholder approvals. Pursuant to the terms of the transaction, Crestmark shareholders are entitled to receive 2.65 shares of Meta common stock for each share of Crestmark common stock. The aggregate value of the acquisition, based on the closing price of Meta shares on July 31, 2018 of $89.45, is $316.1 million.
“The completion of the acquisition of Crestmark provides us with a national commercial and industrial lending platform,” said J. Tyler Haahr, chairman and CEO of Meta. “We believe this acquisition represents an amazing synergistic opportunity for our commercial insurance premium financing division, AFS/IBEX. We welcome Mick and the Crestmark team to Meta.”
“Meta is a perfect fit for Crestmark,” Goik said. “Our combined strengths and strategies will enhance Meta’s presence in the commercial lending industry. Crestmark’s lending platform and industry position, coupled with Meta’s low-cost deposit base and strong balance sheet, will bring transformational change to the company.”
Raymond James & Associates Inc. acted as financial advisor to Meta. Katten Muchin Rosenman LLP served as legal counsel to Meta. Sandler O’Neill + Partners LP acted as financial advisor to Crestmark. Dickinson Wright PLLC served as legal counsel to Crestmark.