SIOUX FALLS, S.D. (WNAX) – Sioux Falls-based Meta Financial Group, Inc. plans to sell its community bank division to Central Bank, which is based in Storm Lake, Iowa.
The sale includes all of Meta’s community bank branches in South Dakota and Iowa, as well as $270 million in deposits and $265 million in loans. Central Bank President John Brown says the deal fits their profile.
Brown says they followed up a contact from Metabank.
Following the closing of the transaction, MetaBank will retain $935 million of loans associated with MetaBank’s community bank division that will run-off over time and will be serviced by Central following the closing. The branches will be rebranded as Central Bank following the closing of the transaction.
Central Bank now has assets of over a billion dollars.