Meta Financial in South Dakota to Raise $20 Million

By Chris Cumming June 10, 2013, 11:26 a.m. EDT 1 Min Read

Consumer banking

Meta Financial to Raise $34.2 Million

Meta Financial Group (CASH) in Storm Lake, Iowa, will raise $34.2 million through the private placement of stock to a group of investors and will use the funds to recapitalize its bank and support growth.

By Jackie Stewart

August 20
Consumer banking

MetaBank Adds Capital for Growth Through Stock, Securities Sales

Meta Financial Group (CASH) in Storm Lake, Iowa, announced Thursday that it has raised $13.2 million in three separate private placements and that the proceeds would be used to beef up its capital reserves and fund growth at both its retail bank and payments unit.

By Alan Kline

May 10

Meta Financial Group (CASH) in Sioux Falls, S.D., plans to raise up to $20 million by selling common stock.

The $1.7 billion-asset company will issue the shares through an at-the-market offering, it said Monday. It has hired Sandler O'Neill as the sales agent.

Meta Financial plans to use the proceeds for general corporate purposes that could include debt repayment and acquisitions, it said in the offering prospectus.

The company has been raising capital over the past year through sales of stock and securities. It has grown from $1.3 billion in assets to $1.7 billion in the last year and a half, it said.

Meta and its bank are under regulatory orders with the Federal Reserve Board and the Office of the Comptroller of the Currency relating to a payday-like loan program that the bank no longer offers.

Meta Financial has 13 branches in South Dakota and Iowa. It also operates a prepaid card division.

Chris Cumming