January 9, 2018 / 9:22 PM / 5 months ago

BRIEF-Meta Financial Group To Acquire Crestmark Bancorp

Jan 9 (Reuters) - Meta Financial Group Inc:

* META FINANCIAL GROUP, INC.® ANNOUNCES AGREEMENT TO ACQUIRE CRESTMARK BANCORP, INC.

* META FINANCIAL GROUP - DEAL VALUE, BASED ON CLOSING PRICE OF META SHARES ON JANUARY 8, 2018 OF $91.35, IS $320.6 MILLION, OR $242.08/CRESTMARK SHARE​

* META FINANCIAL - CRESTMARK SHAREHOLDERS TO GET 2.65 SHARES OF META COMMON STOCK FOR EACH SHARE OF CRESTMARK COMMON STOCK

* META FINANCIAL - DEAL INTENDED TO QUALIFY AS A TAX-FREE REORGANIZATION FOR US FEDERAL INCOME TAX PURPOSES

* META FINANCIAL GROUP INC - TRANSACTION EXPECTED TO BE 10% ACCRETIVE TO FISCAL YEAR 2019 EARNINGS PER SHARE​

* META FINANCIAL - EXISTING SHAREHOLDERS OF META EXPECTED TO OWN ABOUT 75 PERCENT OF OUTSTANDING SHARES OF META

* META FINANCIAL - CRESTMARK SHAREHOLDERS EXPECTED TO OWN ABOUT 25 PERCENT OF OUTSTANDING SHARES OF META

* META FINANCIAL GROUP INC - ‍EXPECTED TO BE IMMEDIATELY ACCRETIVE TO 2018 EARNINGS PER SHARE, EXCLUDING MERGER COSTS​

* META FINANCIAL GROUP INC - ‍UPON CLOSING OF TRANSACTION, CRESTMARK WILL OPERATE AS A DIVISION OF METABANK​ Source text for Eikon: Further company coverage:

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