Meta Financial Group, Inc.'s bank subsidiary, MetaBank, has signed an agreement with AFS/IBEX Financial Services, Inc., a commercial insurance premium finance company, to acquire substantially all of AFS' loan portfolio and related assets and to hire its team.
AFS President John Holsan stated, “We are excited to join forces with MetaBank and believe they will provide the necessary elements, including a strong deposit and capital base, to expand our services and grow the business.”
Mr. Holsan will serve as president of MetaBank's new insurance premium finance division, which will continue to be known as “AFS.” AFS' staff, headquartered in Dallas, Texas, with an office in Southern California, will join MetaBank as part of the transaction.
MetaBank Chief Executive Officer J. Tyler Haahr said, “We believe that insurance premium finance is a perfect complement to our national deposit franchise to diversify our business and build our loan portfolio. The experienced team at AFS will lead this business for MetaBank and anchor our platform for future growth.”
MetaBank was advised by Sterne, Agee & Leach, Inc., and the law firm of Katten Muchin Rosenman LLP.
AFS was advised by Colonnade Advisors and the law firms of Whitaker Chalk Swindle & Schwartz PLLC and Bracewell & Giuliani LLP.
Learn more: www.metafinancialgroup.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].