March 3, 2020

Meta Financial Group’s community bank division has officially become part of Iowa-based Central Bank.

The bank, headquartered in Storm Lake, purchased all of Meta’s community bank’s deposits, branch locations, fixed assets, employees and a portion of the community bank’s loan portfolio.

The agreement provided that Central Bank assume deposits with balances of approximately $280 million and acquire loans with balances of approximately $270 million that were associated with the community bank division.

Central offered jobs to all MetaBank community bank employees, including 65 in Sioux Falls.

“MetaBank employs experienced and valued bankers who represent our vision of community banking,” John Brown, president and CFO of Central, said when the acquisition was announced last year. “We look forward to working together to make a stronger community bank, bringing new opportunities to our communities, customers and employees. We are pleased to say customers can carry out banking transactions as usual.”

Meta expanded into Sioux Falls in 2000 and has three locations in the city, as well as branches in Brookings, Des Moines and Storm Lake. Central Bank was founded in 1877 and had more than $900 million in assets before acquiring Meta.