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SUBSEQUENT EVENTS | 9 Months Ended
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Jun. 30, 2015
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS |
NOTE 15. | SUBSEQUENT EVENTS
On July 16, 2015, Meta entered into a definitive agreement with Fort Knox Financial Services Corporation and its subsidiary, Tax Product Services LLC, to acquire substantially all the assets and assume specified liabilities of the companies for approximately $50 million, subject to adjustment, to be paid approximately half in Meta common stock and half in cash. The consummation of the transaction is subject to a number of closing conditions, including, but not limited to, MetaBank obtaining adequate financing to fund the cash portion of the purchase price and the receipt of certain third party and governmental approvals. Fort Knox, through its Refund Advantage brand, is a leading provider of professional tax refund-transfer software used by independent Electronic Return Originators in over 10,000 locations nationwide and processes more than one million refund-transfers per year. Fort Knox offers tax refund transfer solutions through ACH direct deposit, check, and prepaid card. The Fort Knox team of professionals based in Louisville, KY, will join MetaBank as part of the transaction. Meta entered into separate securities purchase agreements between June 25 and July 16, 2015 under which the Company agreed to sell to several institutional investors an aggregate of approximately 535,000 shares of its common stock, for total consideration of approximately $26 million, contingent on completion of aforementioned acquisition. Management has evaluated subsequent events. Other than noted above, there were no material subsequent events that would require recognition or disclosure in our consolidated financial statements as of and for the quarter ended June 30, 2015.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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