Meta Financial Group in Sioux Falls, S.D., has expansion in mind, citing M&A and other growth-related pursuits as the reasons behind a $75 million debt issuance.
The $3 billion-asset company said Thursday that it intends to use the proceeds from the offering for potential acquisitions, investments in its subsidiary Metabank as regulatory capital to support growth and general corporate purposes.
Meta's fixed-to-floating-rate subordinated notes will mature in 2026. The notes will bear interest fixed at 5.75% each year from the issue date to Aug. 15, 2021, after which the rate will adjust to then-current Libor plus 4.6%.
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A former Citibank payments specialist has been appointed to the board of Meta Financial Group in Sioux Falls, S.D.
May 24 -
Meta Financial Group in Sioux Falls, S.D., has promoted Cindy Smith to the newly created position of head of technology and operations.
November 6 -
Eagle Bancorp in Bethesda, Md., has issued $150 million in subordinated debt after increasing the amount it originally planned to sell.
July 22
The notes have been offered to the public at par.
Sandler O'Neill is acting as book-running manager for the offering.
