From Wikipedia, the free encyclopedia
(Redirected from MetaBank)
Pathward Financial, Inc.
FormerlyMeta Financial Group, Inc.
Company type Public company
Industry Financial services
Founded1954; 70 years ago (1954) in Storm Lake, Iowa, U.S.
Incorporated in Delaware on June 14, 1993; 30 years ago (1993-06-14)
FounderStanley H. Haahr
Headquarters Sioux Falls, South Dakota, U.S.
Area served
Nationwide
Key people
Brad Hanson
( President & CEO)
Glen W. Herrick
( Executive VP & CFO)
Products Consumer banking
Commercial banking
Credit cards
Finance & Insurance
Mortgage loans
Prepaid cards
ATM sponsorship
ACH origination
RevenueIncrease US$254.81 million
(FY SEP 30 2017)
Increase US$55.15 million
(FY SEP 30 2017)
Increase US$44.92 million
(FY SEP 30 2017)
Total assetsIncrease US$5.23 billion
(FY SEP 30 2017)
Total equityIncrease US$434.50 million
(FY SEP 30 2017)
Number of employees
827
(FY SEP 30 2017)
Website www.pathward.com
Footnotes / references
[1] [2]

Pathward (formerly known as MetaBank) is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms. [3]

The bank operates in several segments within the banking and payments industry: Pathward, its traditional retail banking operation; Pathward Payment Systems, its electronic payments division; AFS/IBEX, its insurance premium financing division; and Refund Advantage, EPS Financial and Specialty Consumer Services, its tax-related financial solutions divisions.

History

Founding

Original Storm Lake Savings and Loan Association building
Original Storm Lake Savings and Loan Association building

Pathward 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 to 1990. [4] 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. [5] 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.” [6]

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. [7] In 1996, Iowa Savings Bank in Des Moines was purchased and operated as the Iowa Savings Bank Division of First Federal Savings Bank of the Midwest. [8]

In January 2018, Pathward acquired Crestmark Bank. [9]

In March 2020, Pathward announced the sale of its community bank division to Central Bank, a state-chartered bank headquartered in Storm Lake, Iowa. [10]

Expansion

MetaBank Corporate Services Headquarters in Sioux Falls
MetaBank Corporate Services Headquarters in Sioux Falls

First Federal opened the doors to its first Sioux Falls office – a temporary facility – on Sept. 6, 2000. [11] In 2004, the Meta Payment Systems (MPS) division was established in Sioux Falls. [12] 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. [13] In 2009, MetaBank introduced a new retail product line and the MPS division became a leading issuer of rebate and gift cards in the United States and worldwide [14] and one of the top issuers of Visa, MasterCard and Discover prepaid cards. [15]

In 2014, MetaBank announced the acquisition of AFS/IBEX Financial Services Inc., an insurance premium financing company based in Dallas, Texas. [16] [17]

MetaBank announced the acquisition of Refund Advantage, a tax refund-transfer software company based in Louisville, Kentucky, in 2015. [18]

In 2016, MetaBank announced two acquisitions: EPS Financial in November and Specialty Consumer Services (SCS) in December. [19] [20] EPS provides tax-related financial transaction solutions. They are headquartered in Easton, Pennsylvania [21] SCS provides consumer tax advance services through its underwriting and loan management system. SCS is based in Hurst, Texas. [22]

Pathward issued debit cards of up to $600 sent to millions of Americans as part of the second round of COVID-19 Economic Impact Payments in January 2021. MetaBank acted as the U.S. Treasury's "financial agent" for this purpose. [23]

Corporate governance

James S. Haahr became President and Chief Executive Officer of Meta Financial Group, Inc., in 1993. [24] J. Tyler Haahr took over the position of President and CEO in 2005. [25] [26] In 2011, James Haahr resigned as Chairman, and J. Tyler Haahr became Chairman and CEO. [27] James and Tyler Haahr are the son and grandson of founder Stanley Haahr. [28]

Brad Hanson has served as President of the Meta Payment Systems division since its inception in 2004. [29] [30] He was appointed President of Meta Financial Group and MetaBank in 2013. [31]

Glen Herrick joined MetaBank in 2013 and serves as Executive Vice President and Chief Financial Officer of Meta Financial Group and MetaBank. [32]

Sale of trademark and rebranding

In December 2021, Meta Financial Group sold its "Meta" trademark to Facebook's parent company (now called Meta Platforms) for $60 million. The agreement required Meta Financial Group to phase out the trademark within one year. [3] In March 2022, the financial services company announced it would change its brand to Pathward. [33]

Locations and divisions

Metabank branch in Storm Lake

Pathward is headquartered in Sioux Falls, South Dakota [34] [35] The AFS/IBEX division is headquartered in Dallas, Texas, [36] with an additional office in Newport Beach, California. [37] Refund Advantage is headquartered in Louisville, Kentucky. [38] EPS is headquartered in Easton, Pennsylvania. [39] SCS is headquartered in Hurst, Texas. [40]

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.

Refund Advantage, based in Louisville, Kentucky, provides tax refund-transfer software for Electronic Return Originators (EROs) and their customers. Their software is used in over 10,000 locations nationwide and processes over one million refund-transfers a year.[ citation needed]

EPS Financial (EPS) provides refund settlement products, prepaid payroll card solutions and merchant services. EPS is headquartered in Easton, Pennsylvania.

Specialty Consumer Services (SCS) provides consumer tax advance services through its proprietary underwriting model and loan management system. Based in Hurst, Texas, SCS was a pioneer for no-fee refund advance products.

Awards and honors

In 2023, Pathward earned a Great Place to Work® certification.

Pathward, N.A., ranks among Investor’s Business Daily’s (IBD) list of 100 Best ESG Companies for 2023.

Newsweek ranked Pathward among America’s Greatest Workplaces; Greatest Workplaces for Women; Greatest Workplaces for Diversity; and Greatest Workplaces for Parents and Families in 2023.

Pathward 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. [41] MetaBank was also named fifth in the nation among top-performing, mid-size banks by the American Banking Association Journal in 2013. [42] MetaBank ranked among the top 25 among the nation's community banks and thrifts, according to American Banker magazine, in 2013 [43] and was named to the Top 200 Community Banks and Thrifts list again in 2014. [44]

Pathward was named one of the top performing banks with assets of $1B to $10B by American Banker in 2015. [45] AFS/IBEX division was selected by the Independent Insurance Agents of Texas (IIAT) to be its exclusive premium finance company of choice in 2015. [46] In 2016, Bank Director Magazine named MetaBank the number one top growth bank of 7,000 banks nationwide. [47] Pathward received an investment grade rating by Kroll Bond Rating Agency in 2016. [48] EPS was named "Business of the Year (25–100 employees) by Lehigh Valley Business in 2016. [49]

Meta Payment Systems division cofounder and Pathward President Brad Hanson received a 2009 Industry Achievement Award from Paybefore in 2009. [50] Pathward's Senior Vice President and Chief Legal Officer John Hagy was named among the Top 10 Payments Lawyers by Paybefore in 2015. [51]

References

  1. ^ "MetaBank History". MetaBank.com. Retrieved 2015-05-11.
  2. ^ "US SEC: Form 10-K Meta Financial Group, Inc". U.S. Securities and Exchange Commission. Retrieved March 1, 2018.
  3. ^ a b Zionts, Arielle (17 December 2021). "Sioux Falls bank to rebrand after $60 million deal with Facebook's parent company". South Dakota Public Broadcasting. Retrieved 20 July 2022.
  4. ^ "Stanley H. Haahr". 8 March 2005. Retrieved 2017-02-10.
  5. ^ "InstitutionHistory". www.ffiec.gov. Retrieved 2017-02-10.
  6. ^ Lynch, Peter (2012-03-13). Beating the Street. Simon and Schuster. ISBN  9781451687064.
  7. ^ "FDIC: Institution Directory - External Confirmation". www2.fdic.gov. Retrieved 2016-07-01.
  8. ^ "FDIC: Institution Directory - External Confirmation". www2.fdic.gov. Retrieved 2016-07-01.
  9. ^ "Crestmark Bancorp, Inc. Announces Agreement to be Acquired by Meta Financial Group, Inc".
  10. ^ "MetaBank® Closes Sale of the Community Bank Division". finance.yahoo.com. Retrieved 2020-03-03.
  11. ^ "First Midwest Financial, Inc. Reports First Quarter Earnings". www.prnewswire.com. First Midwest Financial. Retrieved 2016-07-01.
  12. ^ "Meta Payment Systems Inc.: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 2016-07-01.
  13. ^ "InstitutionHistory". www.ffiec.gov. Retrieved 2016-07-01.
  14. ^ "History - Why MetaBank? - MetaBank". www.metabank.com. Retrieved 2017-02-24.
  15. ^ "Prepaid Cards in the U.S." Nilson Report. Retrieved 20 July 2022.
  16. ^ "MetaBank to buy insurance premium finance company". Argus Leader. Retrieved 2017-02-24.
  17. ^ "MetaBank completes acquisition of insurance premium finance company - Business Record". Business Record. Retrieved 2017-02-24.
  18. ^ "MetaBank to Acquire the Assets of Fort Knox Financial Services Corporation - The Bank to Enter the Tax Refund Industry". www.prnewswire.com (Press release). Meta Financial Group Inc. Retrieved 2017-02-24.
  19. ^ "Meta announces $42 million acquisition". Argus Leader. Retrieved 2017-02-24.
  20. ^ "MetaBank® Completes Acquisition of Specialty Consumer Services LP". Archived from the original on 2017-02-24. Retrieved 2017-02-24.
  21. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  22. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  23. ^ Julia Glum. What Is Metabank, and Why Is It in Charge of Stimulus Check Debit Cards? Money.com. January 8, 2021.
  24. ^ "undefined undefined undefined undefined: Executive Profile & Biography - Businessweek". www.bloomberg.com. Retrieved 2016-07-01.
  25. ^ J. Tyler Haahr bio at metafinancialgroup.com
  26. ^ "J. Tyler Haahr: Executive Profile & Biography - Businessweek". www.bloomberg.com. Retrieved 2016-07-01.
  27. ^ "Meta Financial Group Announces Retirement of Chairman James S. Haahr". www.prnewswire.com. Meta Financial Group. Retrieved 2016-07-01.
  28. ^ Jodi Schwan. Leading Sioux Falls’ newest billion-dollar company, CEO’s story blends family roots with futuristic thinking, SiouxFalls.Business, Jan 22, 2018
  29. ^ Brad Hanson bio at metafinancialgroup.com
  30. ^ "Brad Hanson: Executive Profile & Biography - Businessweek". www.bloomberg.com. Retrieved 2016-07-01.
  31. ^ "Meta Financial Group, Inc. ® Announces Executive Appointments". www.prnewswire.com (Press release). Meta Financial Group. Retrieved 2016-07-01.
  32. ^ Glen Herrick bio at metafinancialgroup.com
  33. ^ "MetaBank Announces Name Change to Pathward". Meta Financial Group. Retrieved 20 July 2022.
  34. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  35. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  36. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  37. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  38. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  39. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  40. ^ "Google Maps". Google Maps. Retrieved 2017-02-24.
  41. ^ "25 Sandler All Stars 09/05/12" (PDF).
  42. ^ "ABA Article" (PDF).[ permanent dead link]
  43. ^ "Slow Progress: Our Ranking of the Top 200 Community Banks". American Banker. Retrieved 2017-02-24.
  44. ^ "Rising Tide: The Top 200 Community Banks". American Banker. Retrieved 2017-02-24.
  45. ^ "More Double-Digit Goodness: Our 2015 Ranking of Mid-Tier Banks". American Banker. 26 May 2015. Retrieved 2016-07-01.
  46. ^ "AFS/IBEX, a division of MetaBank®, named IIAT Advantage partner (Meta Financial Group Inc)". article.wn.com. Retrieved 2017-02-24.
  47. ^ "Who Are the Top Growth Banks?". Retrieved 2016-07-01.
  48. ^ "KBRA - Kroll Bond Rating Agency, Inc". www.kbra.com. Retrieved 2016-07-01.
  49. ^ "EPS Financial, Apprise Software, DESCCO among winners at Business of the Year 2016 | LVB". Lehigh Valley Business. Retrieved 2017-02-24.
  50. ^ "2009 Industry Achievement Awards: Brad Hanson (April 2009) - Paybefore". 2009-04-01. Retrieved 2016-07-01.
  51. ^ "Paybefore Names Top 10 Payments Lawyers (Feb. 25, 2015) - Paybefore". 2015-02-25. Retrieved 2016-07-01.

External links

  • Official website
  • Business data for Pathward Financial, Inc.:
Retrieved from " https://en.wikipedia.org/?title=Pathward&oldid=1218225914"