Meta Financial Group Inc.'s board authorized a stock dividend of 2 additional common shares for each share of Meta Financial.
The stock dividend will be payable Oct. 4 to shareholders of record as of Sept. 20. The stock split will increase the number of common shares of Meta Financial to about 39.2 million, which includes shares issued following the acquisition of Crestmark Bancorp Inc. that closed Aug. 1.
Meta Financial expects its common stock to begin trading on a split-adjusted basis Oct. 5.
In addition, Meta Financial's board approved a raise in the quarterly common stock dividend to 15 cents per share, or 60 cents annualized, representing a 15.4% increase over the quarterly dividend paid previously.
The dividend will be payable Oct. 1 to shareholders of record as of Sept. 7. This dividend amount, according to Meta Financial, does not give effect to the forward stock split.