Meta Financial to Sell $3.1M in Stock, Partners with InComm

By Colin Wilhelm July 14, 2015, 4:32 p.m. EDT 1 Min Read

M&A

Meta Financial Raises Capital, Renews NetSpend Pact

Meta Financial Group in Sioux Falls, S.D., parent of MetaBank and Meta Payment Systems, is raising capital to fuel a future acquisition, and has renewed a significant prepaid card issuing relationship with NetSpend.

By Colin Wilhelm

June 30
Consumer banking

Green Dot CEO: Phasing Out Reload Cards Will Cut Fraud

Green Dot will eliminate its MoneyPak reload cards, which have been targeted by scammers, and instead will let consumers reload prepaid accounts at the point of sale, its top executive said this week.

By David Heun

August 1
Bank technology

InComm Joins Amex in Yanking Gift Cards from N.J. Retailers

InComm, following a similar move by American Express, plans to stop selling gift cards in retail stores in New Jersey.

By Daniel Wolfe

April 5

Meta Financial Group in Sioux Falls, S.D., agreed to sell $3.1 million of common stock to a group of existing investors and reached a separate agreement to issue prepaid cards for a business partner.

The $2.3 billion-asset company will sell 71,000 shares to a group that includes Nantahala Capital Partners in Darien, Conn. Meta plans to use the proceeds to finance a future acquisition and for general corporate purposes. Meta did not identify the target company it hopes to acquire.

Meta on June 30 announced that it had sold $23 million of common stock to some institutional investors. Combined, the two agreements represent the sale of about 9% of Meta's outstanding common stock.

Katten Muchin Rosenman advised Meta on the recent securities sale.

Separately, Meta's payments division, Meta Payment Systems, announced on Monday that it agreed to become an issuing bank for prepaid cards marketed and distributed by InComm in Atlanta.

Terms of the agreement with InComm were not disclosed.

Colin Wilhelm