Meta Financial Group Inc.'s unit MetaBank completed its acquisition of all assets and specified liabilities of Specialty Consumer Services LP.
The assets include the Specialty Consumer Services trade name, its proprietary underwriting model and its loan management system, among other things. In addition, the bank has hired the firm's team and plans to continue its operations from the Hurst, Texas-based office.
Sioux Falls, S.D.-based Meta paid approximately $7.5 million in cash and issued 113,328 shares of its common stock at deal completion. The company plans to pay an additional cash consideration of up to $35 million contingent on certain post-completion benchmarks.
Meta Financial reported approximately $4.0 billion in total assets as of Sept. 30.