Meta Financial Group Inc. has reported net income of $3 million, or $1.16 per share, for its second fiscal quarter ended March 31. The Storm Lake-based company had a net loss of $700,000, or 29 cents per share, in the quarter ended Dec. 31. Earnings growth in the second quarter was driven by an increase in card fee income, primarily related to new programs, and an increase in net interest income which were partially offset by increases in card processing expense and growth-related personnel costs. In addition, the 2008 second quarter included an after-tax gain of $1.8 million from the sale of the MetaBank West Central bank subsidiary, the company said.

The U.S. Small Business Administration has included Iowa in an initiative that fosters economic development in rural areas by making it easier for smaller community banks and credit unions to use SBA loan products to finance small businesses. The key features of Small/Rural Lender Advantage include a simplified application for loans of $350,000 or less, speedier processing time, a limit on required financial documentation and an SBA guarantee of 85 percent for loans up to $150,000 and 75 percent for larger loans.

Iowa State University has completed admission partnership agreements with all 15 community colleges in Iowa. First piloted in 2006 at Des Moines Area Community College, the admissions partnership program makes it easier for community college students to transfer to Iowa State for their four-year degrees.

Meredith Corp.’s board of directors has declared a dividend of 21.5 cents per share, payable on June 13 to shareholders of record on May 30. Meredith has paid a dividend for 61 consecutive years and has increased its dividend for 15 consecutive years.

The Drake University Law School and Pioneer Hi-Bred International Inc. will host a biotech institute from 9 a.m. to 4:45 p.m. Tuesday, May 20, at Pioneer’s Carver Center, 7000 N.W. 62nd Ave., Johnston. Panel discussions will include biotechnology and patents; biotechnology, science and ethics; and biotechnology and the global market.

Washington Mutual Inc. (WaMu) has slashed or suspended $6 billion in available home equity credit to its customers in an effort to reduce its risk in the housing market, the Atlanta Business Chronicle reported. If they haven’t already been notified, WaMu’s customers across the country will learn of the change to their credit availability in a letter mailed to them in the next several days. The bank declined to disclose how many customers will be affected. If a borrower’s home has depreciated — regardless of credit history — the line of credit will likely be reduced because the equity has fallen. The bank joins other big-name lenders such as Bank of America Corp. and Countrywide Financial Corp. in reducing its home equity lines.