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MetaBank completes acquisition of Texas consumer services company

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Sioux Falls, S.D.-based MetaBank has completed its acquisition of substantially all of the assets and specified liabilities of Specialty Consumer Services LP of Hurst, Texas, including the company’s trade name and proprietary underwriting model and loan management system, according to a release. The SCS management team and other employees have been hired by MetaBank. SCS operations will continue to be based out of Hurst. The purchase price included the payment of approximately $7.5 million in cash to SCS and the issuance of 113,328 shares of Meta Financial Group Inc. common stock to SCS’s stockholders. In addition, contingent consideration of up to $35 million, payable in cash and Meta Financial common stock, will be paid if certain performance benchmarks are achieved subsequent to closing. Meta Financial is the parent of MetaBank, which has operations in Greater Des Moines.