Meta Financial Group Enters Insurance Premium Financing with AFS Purchase (Oct. 15, 2014)
Meta Financial Group has announced the purchase of AFS/IBEX Financial Services Inc. Under terms of the deal, Meta Financial’s bank subsidiary, MetaBank, will acquire the $80 million loan portfolio, related assets and workforce of Dallas-based AFS. The purchase—financial terms of which were not disclosed—is expected to close by year-end, pending approval from both companies’ boards of directors. After closing, AFS will continue to operate from Dallas, with an additional office in Newport Beach, Calif., while AFS President John Holsan will serve as president of MetaBank’s new insurance premium finance division. Founded in 1986, AFS originates loans through a network of 1,300 independent insurance agencies, providing short-term, collateralized financing for the purchase of insurance for commercial property, casualty and liability risk.
“[I]nsurance premium finance is a perfect complement to our national deposit franchise to diversify our business and build our loan portfolio,” said J. Tyler Haahr, CEO, MetaBank.
For the latest on Meta Payment Systems, a division of MetaBank, see Paybefore’s recent Q&A with MetaBank President Brad Hanson.
