By Timothy Ramos
Sioux Falls, S.D.-based MetaBank and Wilmington, Del.-based Bancorp Bank completed their purchase and assumption agreement, with the former assuming prepaid accounts from the latter.
After securing approval from the OCC in March, the two completed the transaction May 1.
MetaBank will assume roughly $10.5 million in liabilities on approximately 1.5 million prepaid accounts.
MetaBank is a unit of Meta Financial Group Inc., while Bancorp Bank is a subsidiary of The Bancorp Inc.