Meta Completes Crestmark Acquistion; Goik to Lead Commercial Finance Division



Meta Financial Group completed the previously announced acquisition of Crestmark Bancorp and its Michigan state-chartered bank subsidiary, Crestmark Bank. Crestmark has provided business-to-business commercial financing for more than 21 years.

Effective as of the closing of the transaction, W. David Tull, Crestmark’s chairman and chief executive officer, and Michael R. Kramer, a member at the law firm Dickinson Wright were appointed to the board of directors of Meta and MetaBank. Mick Goik, president and chief operating officer of Crestmark, was named executive vice president of MetaBank and president of the Meta Commercial Finance division, which will include Crestmark. Crestmark will continue to operate from its headquarters in Troy, MI.

The acquisition was first publicly announced on January 9, 2018 and was consummated following receipt of regulatory and shareholder approvals. Pursuant to the terms of the transaction, Crestmark shareholders are entitled to receive 2.65 shares of Meta common stock for each share of Crestmark common stock. The aggregate value of the acquisition, based on the closing price of Meta shares on July 31, 2018 of $89.45, is $316.1 million.

“The completion of the acquisition of Crestmark provides us with a national commercial and industrial lending platform,” said J. Tyler Haahr, chairman and CEO of Meta. “We believe this acquisition represents an amazing synergistic opportunity for our commercial insurance premium financing division, AFS/IBEX. We welcome Mick and the Crestmark team to Meta.”

“Meta is a perfect fit for Crestmark,” said Goik. “Our combined strengths and strategies will enhance Meta’s presence in the commercial lending industry. Crestmark’s lending platform and industry position, coupled with Meta’s low-cost deposit base and strong balance sheet, will bring transformational change to the company.”

Raymond James & Associates acted as financial advisor to Meta. Katten Muchin Rosenman served as legal counsel to Meta. Sandler O’Neill + Partners acted as financial advisor to Crestmark. Dickinson Wright served as legal counsel to Crestmark.


Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com