Meta Financial Group (CASH) in Sioux Falls, S.D., plans to raise up to $20 million by selling common stock.
The $1.7 billion-asset company will issue the shares through an at-the-market offering, it said Monday. It has hired Sandler O'Neill as the sales agent.
Meta Financial plans to use the proceeds for general corporate purposes that could include debt repayment and acquisitions, it said in the offering prospectus.
Meta and its bank are under regulatory orders with the Federal Reserve Board and the Office of the Comptroller of the Currency relating to a payday-like loan program that the bank no longer offers.
Meta Financial has 13 branches in South Dakota and Iowa. It also operates a prepaid card division.