MetLife said that GE Capital Financial will acquire most of the depository business of MetLife Bank. Financial terms of the transaction, which is expected to close in the second quarter of 2012, were not disclosed.

Under the definitive agreement signed by GE Capital and MetLife Bank, GE Capital will acquire approximately $7.5 billion in MetLife Bank deposits, including certificates of deposit and money market accounts.

Approximately $3 billion in custodial deposits associated with MetLife’s forward mortgage business and certain other deposits are not included in the transaction, but will be transferred out of MetLife Bank over the next six months.

MetLife Bank had $10.7 billion in deposits as of September 30, 2011.

“This transaction with GE Capital ensures that customers of MetLife Bank will continue to be served by a high quality organization that already meets the financing needs of more than 100 million consumers,” said Steven A. Kandarian, president and chief executive officer of MetLife. “At the same time, this agreement is a significant step toward MetLife’s no longer being a bank holding company.”

The transaction is subject to certain regulatory approvals and other customary closing conditions.

In connection with the transaction, MetLife Bank and GE Capital will enter into a transition services agreement to help ensure a seamless transition of the business.

MetLife Bank began operating in 2001 by offering retail savings products via the Internet.

Deutsche Bank Securities served as exclusive financial advisor to MetLife while Wachtell, Lipton, Rosen & Katz served as MetLife’s legal advisor.