Meta Financial Group Inc., based in Storm Lake, said yesterday that it has entered into agreements to sell its MetaBank West Central subsidiary. Anita Bancorporation of Atlantic, Iowa, will purchase the bank charter and all three MetaBank West Central offices located in Stuart, Casey and Menlo, Iowa.

The transaction is anticipated to close on or before March 30, 2008, subject to regulatory approval. The transaction will involve the sale of MetaBank West Central’s stock for about $8.3 million. As of Oct. 31, MetaBank West Central had total assets of approximately $42 million.

After the transaction is completed, Meta Financial will operate 13 bank branches through its MetaBank subsidiary; the offices are located in Brookings and Sioux Falls, S.D., and Storm Lake and Des Moines, Iowa. As of June 30, Meta Financial had total assets of $666.7 million and shareholders’ equity of $47.8 million.

As a result of the transaction, and upon its consummation or shortly thereafter, Meta Financial will deregister as a bank holding company and will become solely a unitary savings and loan holding company as a result of its ownership of one savings association, MetaBank. Both Meta Financial Group’s and MetaBank’s primary federal regulator will be the Office of Thrift Supervision.