Meta Financial Group operates MetaBank®, a federally authorized savings bank. AFS/IBEX, its insurance premium finance division; and Refund Advantage, EPS Financial, and Specialty Consumer Services, its tax-related financial solutions divisions.
The headquarters of MetaBank are in Sioux Falls, South Dakota. The retail banking division has offices in four locations: Central Iowa, Storm Lake, Iowa, Brookings, South Dakota, and Sioux Falls, South Dakota. The following cities have branch offices:
- Brookings, South Dakota
- Des Moines, Iowa
- Sioux Falls, South Dakota
- Storm Lake, Iowa
- Urbandale, Iowa
- West Des Moines, Iowa
MetaBank is a Federal Deposit Insurance Corporation member. MetaBank operates in the Banking and Payments industries through several divisions: MetaBank, its traditional retail banking operation; Meta Payment Systems, its electronic payments division; AFS/IBEX, its insurance premium financing division; and Refund Advantage, EPS Financial, and Specialty Consumer Services, its tax-related financial solutions divisions.
Meta Financial Group, Inc. is the parent firm of MetaBank.
The headquarters of MetaBank Corporate Services and Meta Payment Systems are in Sioux Falls, South Dakota. The AFS/IBEX branch is based in Dallas, Texas, with a second location in Newport Beach, California. The company’s headquarters are in Louisville, Kentucky. EPS is based in Easton, Pennsylvania.[10] SCS is based in Hurst, Texas.
Meta Payment Systems (MPS) provides the following goods: prepaid cards, credit products, electronic money transfer, ATM sponsorship, and tax-related financial solutions.
AFS/IBEX offers short-term, collateralized finance to help with the acquisition of commercial property, casualty, and liability insurance. AFS/IBEX, headquartered in Dallas, Texas, originates loans through a network of independent insurance agents.
Refund Advantage, established in Louisville, Kentucky, supplies tax refund-transfer software to EROs and their consumers. Their software is used in over 10,000 sites around the country and handles over one million refund transfers per year.
Here is a little bit of history about Meta Financial Group.
EPS Financial (EPS) is a company that offers refund settlement services, prepaid payroll card solutions, and merchant services. Easton, Pennsylvania is the headquarters of EPS. Through its own underwriting approach and loan management system, Specialty Consumer Services (SCS) offers consumer tax advance services. SCS, headquartered in Hurst, Texas, was a pioneer in no-fee refund advance solutions.
Read Also: When Does KIA Finance Report to Credit Bureaus?
Stanley H. Haahr created MetaBank in 1954 as Storm Lake Savings and Loan Association, and he remained on the board of directors until 1990, serving as chairman from 1981 to 1990. In 1970, the bank purchased the Bradford Hotel property at Fifth and Erie in Storm Lake, and construction on the bank’s new headquarters was finished in 1972.
First Federal Savings and Loan Association of Storm Lake became First Federal Savings Bank of the Midwest, a subsidiary of First Midwest Financial, Inc., in 1993. On September 20, 1993, 1.9 million shares of First Midwest Financial, Inc. stock were issued at a price of $10 per share and began trading on the NASDAQ under the symbol “CASH.”
Brookings Federal Bank, a federal savings bank in Brookings, South Dakota, was acquired and renamed the First Federal Savings Bank of the Midwest Brookings Federal Bank Division in 1994. Iowa Savings Bank in Des Moines was purchased and renamed the First Federal Savings Bank of the Midwest Iowa Savings Bank Division in 1996.
Crestmark Bank was bought by Metabank in January 2018. Metabank announced the sale of its community bank segment to Central Bank, a state-chartered bank headquartered in Storm Lake, Iowa, in March 2020.
On September 6, 2000, First Federal opened the doors to its first Sioux Falls office, a temporary structure. The Meta Payment Systems (MPS) division was formed in Sioux Falls in 2004. The following year, in 2005, all First Federal bank divisions changed their names to MetaBank, serving four market areas: Central Iowa, Northwest Iowa, Brookings, and Sioux Falls. MetaBank launched a new retail product line in 2009, and the MPS division grew to become a leading issuer of rebate and gift cards in the United States and globally, as well as one of the top issuers of Visa, MasterCard, and Discover prepaid cards.
MetaBank announced the acquisition of AFS/IBEX Financial Services Inc., a Dallas-based insurance premium financing company, in 2014.
In 2015, MetaBank announced the acquisition of return Advantage, a tax return software startup based in Louisville, Kentucky.
MetaBank made two acquisitions in 2016: EPS Financial in November and Specialty Consumer Services (SCS) in December. EPS offers tax-advantaged financial transaction solutions. Their headquarters are in Easton, Pennsylvania. Through its underwriting and loan management system, SCS offers consumer tax advance services. SCS is headquartered in Hurst, Texas.
The Rebranding
MetaBank, a financial empowerment company, said Tuesday (March 29) that it is renaming itself Pathward in order to unify the company under a single brand. MetaBank launched a brand strategy assessment in 2021, following a series of strategic acquisitions. According to the organization, the Pathward moniker was inspired by the aim to provide “a path forward to people and businesses so they can reach the next stage of their financial journey.”
The company announced many changes in a press statement, including the debut of a new brand identity and website. However, it will continue to service MetaBank customers during the transition.
“Expanding financial access is too complex and important to be a part-time activity, which is why we’ve made financial inclusion for all at the heart of everything we do,” MetaBank CEO Brett Pharr said in a statement. “Pathward demonstrates our commitment to removing barriers that keep millions of Americans from accessing the financial system.”
“Our new name serves as a constant reminder of the importance of creating a path forward for the unbanked, underbanked, and underserved in order to help them achieve economic mobility.”
According to the statement, MetaBank uses its national bank charter, coordination with regulators, and understanding of risk reduction and compliance to provide a specific experience for clients.
Meta Financial Group, the bank’s public holding company, intends to change its name to Pathward Financial by the end of 2022.
Since Facebook changed its name to Meta last year, the moniker Meta has gained popularity. Last year, Facebook paid $60 million to acquire Meta Financial’s trademark assets.
