SIOUX FALLS, S.D., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Meta Financial Group, Inc. (NASDAQ:CASH) ("Meta Financial" or the "Company") announced today that on November 1, 2016, its bank subsidiary, MetaBank ®, completed the previously announced acquisition of substantially all of the assets and certain liabilities of EPS Financial, LLC ("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. 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 acquisition was announced on October 3, 2016 and was consummated following satisfaction of certain closing conditions. The purchase price for the acquisition 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. J. Tyler Haahr, MetaBank CEO, stated, "The completion of this acquisition further solidifies our presence in the tax services space and allows us to expand our services to even more ERO partners. We welcome EPS President Clark Gill and the entire EPS team to the MetaBank family." EPS President Clark Gill added, " MetaBank is a great fit for EPS and we couldn't be happier to join such a strong company. Our tax services and industry expertise are a natural fit for Meta and we look forward to leveraging our combined strengths for our ERO partners and customers." EPS Financial, LLC, is a leading provider of comprehensive tax-related financial transaction solutions for over 10,000 Electronic Return Originators ("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.