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Shareholders of Meta Financial, Crestmark Bancorp approve deal

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Shareholders of Meta Financial, Crestmark Bancorp approve deal

Shareholders of both Sioux Falls, S.D.-based Meta Financial Group Inc. and Troy, Mich.-based Crestmark Bancorp Inc. have approved the acquisition of Crestmark Bancorp by Meta Financial Group.

Meta shareholders also approved a proposal to raise the company's number of authorized common shares to 90 million from 30 million, for the purpose of facilitating a proposed 3-for-1 forward split of issued and outstanding shares of Meta common stock through a stock dividend.

The deal is anticipated to close in early July. Under the terms of the deal, Crestmark Bank, a unit of Crestmark Bancorp, will become a division of MetaBank, which is a unit of Meta Financial.