Meta Financial Group completed its acquisition of Crestmark Bancorp and its Michigan state-chartered bank subsidiary, Crestmark Bank.
Effective at close, W. David Tull, Crestmark’s chairman and CEO, and Michael R. Kramer, a member at the law firm Dickinson Wright, were appointed to the board of directors of Meta and MetaBank. Mick Goik, president and chief operating officer of Crestmark, was named executive vice president of MetaBank and president of the Meta Commercial Finance Division, which will include Crestmark.
Crestmark will continue to operate from its headquarters in Troy, MI.
The acquisition was first publicly announced on January 9, 2018 and was finalized following receipt of regulatory and shareholder approvals. Pursuant to the terms of the transaction, Crestmark shareholders are entitled to receive 2.65 shares of Meta common stock for each share of Crestmark common stock. The aggregate value of the acquisition, based on the closing price of Meta shares on July 31, 2018, is $316.1 million.
“The completion of the acquisition of Crestmark provides us with a national commercial and industrial lending platform,” said J. Tyler Haahr, chairman and CEO of Meta. “We believe this acquisition represents an amazing synergistic opportunity for our commercial insurance premium financing division, AFS/IBEX. We welcome Mick and the Crestmark team to Meta.”
“Meta is a perfect fit for Crestmark,” said Goik. “Our combined strengths and strategies will enhance Meta’s presence in the commercial lending industry. Crestmark’s lending platform and industry position, coupled with Meta’s low-cost deposit base and strong balance sheet, will bring transformational change to the company.”
Raymond James acted as financial advisor and Katten Muchin Rosenman as legal counsel to Meta. Sandler O’Neill + Partners acted as financial advisor and Dickinson Wright as legal counsel to Crestmark.