Meta Financial Group announces that on December 2, 2014, its bank subsidiary, MetaBank, completed the previously announced acquisition of substantially all of the commercial loan portfolio and related assets of AFS/IBEX Financial Services (AFS) and has hired the AFS team.
The acquisition, which was announced on October 14, 2014, was concluded following satisfaction of certain closing conditions, including regulatory approvals. The all-cash transaction includes the AFS operating platform, other assets, and approximately $77 million of outstanding insurance premium finance loan receivables.
MetaBank CEO J. Tyler Haahr stated, "The conclusion of this acquisition is a key component of our strategy to better deploy the resources of our national deposit franchise to diversify our business, build our loan portfolio and replace lower yielding securities. We welcome the 44 new team members of AFS to Meta and look forward to growing the business together."
Upon closing, MetaBank created a new operating division, AFS/IBEX, which will continue to serve businesses and insurance agencies nationwide with commercial insurance premium financing. According to AFS/IBEX President John Holsan,
"With the capital resources and lending capacity now available as a division of MetaBank, we are excited to work with our existing and new customers to provide an expanded suite of insurance premium financing solutions."
AFS/IBEX will be headquartered in Dallas, TX, with a full service office in Southern California.
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.
AFS/IBEX Financial Services, Inc. provided short-term, collateralized financing to facilitate the purchase of insurance for commercial property, casualty and liability risk.