SIOUX FALLS, S.D., June 21, 2016 (GLOBE NEWSWIRE) -- Meta Financial Group, Inc.® (the “Company”) (NASDAQ:CASH) parent company of MetaBank® based in Sioux Falls, S.D., today announced the Company and Bank have received strong investment grade ratings with stable outlooks from Kroll Bond Rating Agency ("KBRA"), a Nationally Recognized Statistical Rating Organization registered with the SEC.
KBRA assigned the Bank an A- for senior unsecured debt and deposits and K2 for short-term debt/deposits. The Company was assigned BBB+ for senior unsecured debt, BBB for subordinated debt, and K2 for short-term debt. According to KBRA, positive factors supporting the ratings included Meta’s robust liquidity profile with stable and predictable funding base, solid asset quality metrics supported by prudent underwriting and risk management, competitive advantage given barriers to entry in the prepaid card space, and strong risk-weighted regulatory capital ratios. Moreover, the ratings are underpinned by the Company’s diversified earnings streams with growing noninterest revenue and position as a leading prepaid card issuer.
Chairman and CEO J. Tyler Haahr, commented, “We are proud of the strength and high credit quality of our Company and Bank that are reflected in KBRA’s ratings. These ratings aid in demonstrating to our customers, partners, and investors our financial and overall strength and also allow for additional capital flexibility as we continue our path of disciplined growth.”
A copy of the full report is available on Kroll Bond Rating Agency's website at www.kbra.com.
About Kroll Bond Rating Agency
KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).
Forward-Looking Safe Harbor Statement
The Company and the Bank may from time to time make written or oral “forward-looking statements,” including statements contained in this press release and in other communications by the Company and the Bank, which are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. You should read these statements carefully because they discuss our future expectations or state other “forward-looking” information.
These forward-looking statements include statements with respect to the Company’s beliefs, expectations, estimates, and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. Such statements address, among others, the following subjects: future operating results; customer retention; loan and other product demand; the potential benefits of the acquisition of Fort Knox Financial Services Corporation and its wholly-owned subsidiary, Tax Product Services LLC (collectively, “Fort Knox” or “Refund Advantage”); important components of the Company's statements of financial condition and operations; growth and expansion; new products and services, such as those offered by MetaBank or Meta Payment Systems® (“MPS”), a division of the Bank; credit quality and adequacy of reserves; technology; and the Company's employees. Actual results may differ materially from those contained in the forward-looking statements contained herein. The following factors, among others, could cause the Company's financial performance and results of operations to differ materially from the expectations, estimates, and intentions expressed in such forward-looking statements: the risk that the Company may incur unanticipated or unknown losses or liabilities as a result of the completion of the transaction with Fort Knox; the strength of the United States' economy, in general, and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System (the “Federal Reserve”), as well as efforts of the United States Treasury in conjunction with bank regulatory agencies to stimulate the economy and protect the financial system; inflation, interest rate, market, and monetary fluctuations; the timely development of, and acceptance of new products and services offered by the Company, as well as risks (including reputational and litigation) attendant thereto, and the perceived overall value of these products and services by users; the risks of dealing with or utilizing third parties; any actions which may be initiated by our regulators; the impact of changes in financial services laws and regulations, including, but not limited to, laws and regulations relating to the tax refund industry, our relationship with our primary regulators, the Office of the Comptroller of the Currency (“OCC”) and the Federal Reserve, as well as the Federal Deposit Insurance Corporation (“FDIC”), which insures the Bank’s deposit accounts up to applicable limits; technological changes, including, but not limited to, the protection of electronic files or databases; acquisitions; litigation risk, in general, including, but not limited to, those risks involving the MPS division; the growth of the Company’s business, as well as expenses related thereto; continued maintenance by the Bank of its status as a well-capitalized institution, particularly in light of our deposit base, a substantial portion of which has been characterized as “brokered”; changes in consumer spending and saving habits; and the success of the Company at managing and collecting assets of borrowers in default.
The foregoing list of factors is not exclusive. Additional discussions of factors affecting the Company’s business and prospects are contained in the Company’s periodic reports on Form 10-K and Form 10-Q, Current Reports on Form 8-K and other filings made with the SEC. The Company expressly disclaims any intent or obligation to update any forward-looking statements, whether written or oral, that may be made from time to time by or on behalf of the Company or its subsidiaries.
About Meta Financial Group
Meta Financial Group, Inc.® (MFG or the Company) is the holding company for MetaBank®, a federally chartered savings bank. MFG shares are traded on the NASDAQ Global Select Market® under the symbol CASH. Headquartered in Sioux Falls, SD, MetaBank operates in both the Banking and Payments industries through: MetaBank, its traditional retail banking operation; Meta Payment Systems, its electronic payments division; AFS/IBEX, its insurance premium financing division; and Refund Advantage, its tax refund-transfer software division.
Media Contact: Katie LeBrun Corporate Communications Director 605.362.5140 firstname.lastname@example.org