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SUBSEQUENT EVENTS
9 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

In mid-July, 2018, the Company entered into a first-out participation agreement in a highly secured, consumer receivable asset-based warehouse line of credit. The Company holds a senior position providing up to $65.0 million with the subordinate party contributing up to $100.0 million, thereby enhancing the Company’s position with significant subordination.

As previously disclosed, on January 9, 2018, Meta and MetaBank, entered into an Agreement and Plan of Merger (the “merger agreement”), with Crestmark Bancorp, Inc., a Michigan corporation (“Crestmark”), and Crestmark Bank, a Michigan state-chartered bank and a wholly-owned subsidiary of Crestmark (“Crestmark Bank”). On August 1, 2018, pursuant to the merger agreement, upon the terms and subject to the conditions set forth therein, Crestmark merged with and into Meta, with Meta as the surviving entity (the “merger”), and, immediately thereafter, pursuant to the terms of a separate merger agreement between MetaBank and Crestmark Bank, Crestmark Bank merged with and into MetaBank, with MetaBank surviving as Meta’s wholly-owned subsidiary. Under the terms of the merger agreement, at the effective time of the merger, (i) each share of Crestmark common stock converted into the right to receive 2.65 shares of Meta common stock and (ii) each outstanding option to purchase Crestmark common stock was canceled and converted into the right to receive an amount in cash. The aggregate value of the acquisition, based on the closing price of Meta shares on July 31, 2018 of $89.45, was $316.1 million.

Effective as of the closing of the merger, W. David Tull, Crestmark’s Chairman and Chief Executive Officer, and Michael R. Kramer, a member at the law firm Dickinson Wright, PLLC, were appointed to the Board of Directors of Meta and MetaBank, and 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 includes Crestmark. Crestmark will continue to operate from its headquarters in Troy, Michigan.