MetaBank

MetaBank
Public
Traded as NASDAQ: CASH
Industry Banking, financial services, insurance
Founded Storm Lake, Iowa
United States (1954 (1954))[1]
Founder Stanley H. Haahr
Headquarters Sioux Falls, South Dakota, United States
Area served
 Nationwide
Key people
 J. Tyler Haahr
(CEO)
Products Consumer banking, commercial banking, credit cards, finance and insurance, mortgage loans, prepaid cards, ATM sponsorship, ACH origination
Number of employees
 549 (2015)
Slogan Financial inclusion for everyone
Website MetaBank.com

Meta Financial Group, Inc. (NASDAQ: CASH), is the holding company for American federally chartered savings bank MetaBank, Member of the Federal Deposit Insurance Corporation. Headquartered in Sioux Falls, S.D., MetaBank operates three distinct businesses: MetaBank, its retail banking division; Meta Payment Systems, its electronic payments division; and AFS/IBEX, its insurance premium finance division.

MetaBank, the retail banking division, operates 10 retail branches in four market areas: Central Iowa; Storm Lake, Iowa; Brookings, South Dakota; and Sioux Falls, South Dakota Based in Sioux Falls, MetaBank offers traditional banking services designed to serve the needs of individual, agricultural and business depositors and borrowers.

Meta Payment Systems (MPS) provides payment solutions delivered nationally in collaboration with its partners. MPS focuses on offering product solutions in the following areas: prepaid cards, credit products, Automated Clearing House origination and Automated teller machine sponsorship.

AFS/IBEX provides short-term, collateralized financing to facilitate the purchase of insurance for commercial property, casualty and liability risk. Based in Dallas, Texas, AFS/IBEX originates loans through a network of independent insurance agencies.

History

Founding

MetaBank’s predecessor, Storm Lake Savings and Loan Association, was founded in 1954 by Stanly H. Haahr and 34 depositors with subscribed capital of $10,000.[2] In 1957, the bank was converted to a federal charter and its name was changed to First Federal Savings and Loan Association of Storm Lake.

The bank purchased the Bradford Hotel property in Storm Lake at Fifth and Erie in 1970, and construction was completed on the bank’s new headquarters in 1972. By 1993, the bank changed its name from First Federal Savings and Loan Association of Storm Lake to First Federal Savings Bank of the Midwest, a subsidiary of First Midwest Financial, Inc.[3] On Sept. 20, 1993, 1.9 million shares of stock in First Midwest Financial, Inc., were issued at $10 per share and began trading on the NASDAQ stock market under the symbol “CASH.”[4]

Acquisitions

In 1994, Brookings Federal Bank, a federal savings bank in Brookings, South Dakota, was acquired and operated as the Brookings Federal Bank Division of First Federal Savings Bank of the Midwest.[5] In 1995, Iowa Savings Bank in Des Moines was purchased and operated as the Iowa Savings Bank Division of First Federal Savings Bank of the Midwest.[6]

In 2014, MetaBank announced the acquisition of AFS/IBEX Financial Services Inc., an insurance premium financing company based in Dallas, Texas.[7][8]

Expansion

First Federal opened the doors to its first Sioux Falls office – a temporary facility – on Sept. 6, 2000.[9] In 2004, the Meta Payment Systems (MPS) division was established in Sioux Falls.[10] The next year, in 2005, all bank divisions under First Federal changed their names to MetaBank, inhabiting four market areas: Central Iowa; Northwest Iowa; Brookings; and Sioux Falls[3]

In 2009, MetaBank introduced a new retail product line and the MPS division became the leading issuer of rebate and gift cards in the United States and worldwide[11] and one of the top issuers of Visa, MasterCard and Discover prepaid cards.[12]

In 2014, MPS signed agreements to partner with hyperWALLET Systems Inc., a Vancouver-based company that provides domestic and international mass payment solutions for corporations,[13] and financial services provider UniRush, LLC.[14]

In 2015, MPS signed agreements to partner with Berkeley Payment Solutions, a Toronto-based company that provides domestic and international prepaid payment solutions for corporations;[15] Univision Communications Inc., a media company serving Hispanic America;[16] and Store Financial, a Kansas-based company that provides electronic-card-payment innovations, prepaid programs, mobile solutions and commercial payments.[17] That same year, the AFS/IBEX division was selected by the Independent Insurance Agents of Texas (IIAT) to be its exclusive premium finance company of choice.[18]

Corporate governance

MetaBank was founded as Storm Lake Savings and Loan Association in 1954 by Stanley H. Haahr, who remained on the Board of Directors until 1990 and served as board chairman from 1981-90.[2] James S. Haahr assumed the role of President and Chief Executive Officer of Meta Financial Group, Inc., in 1993.[19] J. Tyler Haahr took over the position of President and CEO in 2005.[20] And in 2011, James S. Haahr announced his resignation as Chairman of the Board after more than half a century in the position. J. Tyler Haahr was named Chairman and Chief Executive Officer.[21]

Brad Hanson has served as President of the Meta Payment Systems division since its inception in 2004.[22] He was appointed President of Meta Financial Group and MetaBank in 2013.[23]

Locations

Metabank branch in Storm Lake

MetaBank is headquartered in Sioux Falls, S.D. The retail banking division has locations in four market areas: Central Iowa; Storm Lake, Iowa; Brookings, S.D.; and Sioux Falls, S.D. There are branch locations in the following cities:[24]

The Meta Payment Systems division is headquartered in Sioux Falls, S.D.[25] The AFS/IBEX division is headquartered in Dallas, Texas, with an additional office in Newport Beach, Calif.[26]

Awards and honors

MetaBank was included among the Sandler O'Neill and Partners “Bank and Thrift Sm-All Stars – Class of 2012,” which ranked the top 25 performing small-cap banks in the country.[27] MetaBank was also named fifth in the nation among top-performing, mid-size banks by the American Banking Association Journal in 2013.[28] MetaBank ranked among the top 25 among the nation’s community banks and thrifts, according to American Banker Magazine, in 2013 and was named to the Top 200 Community Banks and Thrifts list again in 2014.[29][30]

Meta Payment Systems division cofounder and MetaBank President Brad Hanson received a 2009 Industry Achievement Award from Paybefore in 2009.[31] MetaBank’s Senior Vice President and Chief Legal Officer John Hagy was named among the Top 10 Payments Lawyers by Paybefore in 2015.[32]

Controversy

In October 2010, MetaBank was ordered by bank regulators of the federal Office of Thrift Supervision (since subsumed as part of the Office of the Comptroller of the Currency) to halt use of its iAdvance lending program associated with some prepaid MetaBank-issued debit cards, claiming the loans violated unfair or deceptive trade practice laws.[33][34] The iAdvance program offered MetaBank debit card holders with the direct deposit feature an option to withdraw or spend funds when their account held an insufficient balance, with the shortage to be advanced by a payday loan secured by their next upcoming direct deposit. The loans had a maximum term of 35 days and a transaction fee of $2.50 for each $20 increment of the advance.[35] Effective August 7, 2014, the OCC's consent order was terminated and MetaBank was released.[36]

References

  1. ↑ "MetaBank History". MetaBank.com. Retrieved 2015-05-11.
  2. 1 2 "Stanley H. Haahr". Sioux City Journal. 2005-03-08. Retrieved 2015-05-11.
  3. 1 2 "Institution History for MetaBank". National Information Center. Retrieved 2015-05-11.
  4. ↑ "Beating the Street by Peter Lynch". Google Books. 2012-03-13. Retrieved 2015-05-11.
  5. ↑ "FDIC: Brookings Federal Bank, a federal savings bank". FDIC. Retrieved 2015-05-11.
  6. ↑ "FDIC: Iowa Savings Bank, FSB". FDIC. Retrieved 2015-05-11.
  7. ↑ "MetaBank completes acquisition of insurance premium finance company". Business Record. 2014-12-03. Retrieved 2015-05-11.
  8. ↑ "MetaBank to buy insurance premium finance company". Sioux Falls Business Journal. 2014-10-14. Retrieved 2015-05-11.
  9. ↑ "First Midwest Financial, Inc. Reports First Quarter Earnings". PR Newswire. 2001-01-23. Retrieved 2015-05-11.
  10. ↑ "Meta Payment Systems: Private Company Information". Bloomberg. Retrieved 2015-05-11.
  11. ↑ "City serves as prepaid stronghold". Sioux Falls Business Journal. 2012-11-07. Retrieved 2015-05-11.
  12. ↑ "MetaBank and NetSpend Announce iAdvance". Bloomberg. 2009-03-09. Retrieved 2015-05-11.
  13. ↑ "MetaBank announces partnership with hyperWALLET Systems, Inc.". PR Newswire. 2014-09-08. Retrieved 2015-05-11.
  14. ↑ "MetaBank Announces Agreement With UniRush, LLC To Issue The Prepaid RushCard". TheStreet.com. 2014-08-27. Retrieved 2015-05-11.
  15. ↑ "MetaBank Announces Partnership with Berkeley Payment Solutions". PR Newswire. 2015-03-10. Retrieved 2015-05-11.
  16. ↑ "MetaBank Announces Partnership as Additional Issuer of Univision MasterCard Prepaid Card". Twst.com. 2015-04-15. Retrieved 2015-05-11.
  17. ↑ "MetaBank Announces Partnership with Store Financial". Twst.com. 2015-03-02. Retrieved 2015-05-11.
  18. ↑ "AFS/IBEX, a division of MetaBank, named IIAT Advantage partner". wn.com. 2015-03-17. Retrieved 2015-05-11.
  19. ↑ "James S. Haahr: Executive Profile & Biography". Bloomberg. Retrieved 2015-05-11.
  20. ↑ "J. Tyler Haahr: Executive Profile & Biography". Bloomberg. Retrieved 2015-05-11.
  21. ↑ "Meta Financial Group, Inc. Announces Retirement of Chairman James S. Haahr". PR Newswire. 2011-09-27. Retrieved 2015-05-11.
  22. ↑ "Brad Hanson: Executive Profile & Biography". Bloomberg. Retrieved 2015-05-11.
  23. ↑ "Meta Financial Group, Inc. Announces Executive Appointments". PR Newswire. 2013-09-26. Retrieved 2015-05-11.
  24. ↑ "MetaBank Locations". MetaBank.com. Retrieved 2015-05-11.
  25. ↑ "Meta Payment Systems". Google Maps. Retrieved 2015-05-11.
  26. ↑ "AFS/IBEX: About Us". AFS/IBEX. Retrieved 2015-05-11.
  27. ↑ "Class of 2012 Sm-All Stars" (PDF). Sandler O'Neill and Partners. Retrieved 2015-05-11.
  28. ↑ "Top Performing Mid-Sized Banks" (PDF). ABA Banking Journal. Retrieved 2015-05-11.
  29. ↑ "Slow Progress: Our Ranking of the Top 200 Community Banks". American Banker. 2013-04-29. Retrieved 2015-05-11.
  30. ↑ "Rising Tide: The Top 200 Community Banks". American Banker. 2014-04-28. Retrieved 2015-05-11.
  31. ↑ "2009 Industry Achievement Awards: Brad Hanson". Paybefore.com. 2009-04-01. Retrieved 2015-05-11.
  32. ↑ "Paybefore Names Top 10 Payments Lawyers". Paybefore.com. 2015-02-25. Retrieved 2015-05-11.
  33. ↑ "OTS Bank Regulators Penalize MetaBank Over Payday Loans". ResponsibleLending.org. 2011-07-18. Retrieved 2012-07-19.
  34. ↑ "MetaBank to pay 5-2M over deceptive iAdvance Loans". DesMoinesRegister.com. 2011-07-18. Retrieved 2012-07-19.
  35. ↑ Rust, Adam. "MetaBank Complies with OTS Cease and Desist Order". Bank Talk blog. Bank Talk. Retrieved 2012-07-19.
  36. ↑ "MetaBank released from OCC consent order". TheStreet.com. 2014-08-07. Retrieved 2015-05-16.

External links

This article is issued from Wikipedia - version of the Wednesday, April 06, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.