Green Dot Corporation Completes Acquisition of Bonneville Bank

Green Dot Corporation announced that it has completed its previously announced acquisition of Bonneville Bancorp for $15.7 million in cash. Bonneville Bancorp is the holding company of Bonneville Bank, a single-office, FDIC-insured commercial bank located in Provo, Utah with approximately $37 million in assets. The bank's official name will change to Green Dot Bank, but the bank will continue to do business and serve its loyal customer base under the name Bonneville Bank at its current Provo, Utah location. Green Dot will contribute approximately $14 million in cash to the bank to provide an initial capital base for its expanded operations. Lewis Goodwin will serve as CEO of Green Dot Bank.