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SUBSEQUENT EVENTS | 12 Months Ended
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Sep. 30, 2016
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS MetaBank entered into an agreement with H&R Block® on October 26, 2016 to provide funding for up to $1.45 billion and retain up to $750 million of interest-free refund advance loans for H&R Block® tax preparation customers throughout the 2017 tax season. H&R Block® is the world's largest tax services provider with approximately 12,000 company-owned and franchise retail locations. On November 1, 2016, MetaBank, completed the acquisition of substantially all of the assets and certain liabilities of EPS from privately-held Drake Enterprises, Ltd. (“Drake”). The assets acquired by MetaBank in the EPS acquisition include the EPS trade name, operating platform, and other assets. EPS is a leading provider of comprehensive tax-related financial transaction solutions for over 10,000 EROs nationwide, offering a one-stop-shop for all tax preparer financial transactions. These solutions include a full-suite of refund settlement products, prepaid payroll card solutions and merchant services. The EPS management team and other employees have been hired by MetaBank and EPS operations will continue to be based out of Easton, PA. The purchase price for the acquisition of approximately $42.5 million included the payment of approximately $21.3 million in cash and the issuance of 369,179 shares of Meta Financial common stock to Drake. The cash portion of the purchase price was funded from the proceeds of the previously announced subordinated debt issuance. On November 9, 2016, Meta Financial and MetaBank entered into an agreement with Specialty Consumer Services LP, (‘SCS”) to acquire substantially all of the assets, and assume specified liabilities, of SCS. In exchange, Meta Financial has agreed to pay SCS consideration of approximately $15 million, subject to adjustment. If certain performance targets are met after the closing of the transaction, SCS will be eligible to receive earnout payments consisting of up to an aggregate of $17.5 million in cash and up to an aggregate of 264,431 shares of Meta Financial’s common stock. The transaction is expected to close in the fourth calendar quarter of 2016. On November 28, 2016, MetaBank and Jackson Hewitt finalized an agreement whereby MetaBank will be originating Express Refund Advances to Jackson Hewitt customers.

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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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