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Green Dot Corporation announced that its subsidiary bank, Green Dot Bank, received required regulatory approvals from the Board of Governors of the Federal Reserve System and the Utah Department of Financial Institutions related to the pending acquisition of the legacy Walmart MoneyCard Portfolio from GE Capital Retail Bank. The consummation of the transaction is subject to closing conditions, including, among other things, the Department of Justice’s required 15-day waiting period. The transaction is expected to close during the first quarter of 2014.
This press release contains forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements of timing of closing and other future events that involve risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements contained in this press release. The potential risks and uncertainties that could cause actual results to differ from those projected include, among other things, the possibility that the transaction does not close or that prior to the closing of the proposed transaction, the possibility that the migration of accounts from GE Consumer Retail Bank to Green Dot Bank does not achieve all regulatory approvals. These and other risks are discussed in greater detail in the Company's Securities and Exchange Commission filings, including its most recent annual report on Form 10-K and quarterly report on Form 10-Q, which are available on the Company's investor relations website at
http://ir.greendot.com/ and on the SEC website at
http://www.sec.gov. All information provided in this release and in the attachments is as of November 25, 2013, and the Company assumes no obligation to update this information as a result of future events or developments.
About Green Dot Corporation
Green Dot Corporation is a technology-centric, pro-consumer Bank Holding Company with a mission to reinvent personal banking for the masses. The company is the largest provider of prepaid debit card products and prepaid card reloading services in the United States, as well as a leader in mobile banking with its GoBank mobile bank account offering. Green Dot Corporation products are available to consumers at more than 80,000 retailers nationwide, online and via the leading app stores. The company is headquartered in Pasadena, California with its bank subsidiary, Green Dot Bank, located in Provo, Utah.