SIOUX FALLS, S.D., Nov. 10, 2016 (GLOBE NEWSWIRE) -- Meta Financial Group, Inc. ® (NASDAQ:CASH) (" Meta" or the " Company") and its bank subsidiary, MetaBank ®, have signed a definitive agreement with privately-held Specialty Consumer Services LP ("SCS") to acquire substantially all of SCS' assets and specified liabilities relating to its consumer lending and tax advance business. SCS primarily provides consumer tax advance and other consumer credit services through its propriety underwriting model and loan management system. The SCS team is expected to join Meta and remain in Hurst, Texas, offering uninterrupted support to their clients. Initial transaction consideration is approximately $15 million at closing, with additional contingent consideration of up to approximately $35 million to be paid if certain benchmarks are achieved post-closing. The closing consideration is payable approximately 50% in Meta common stock and 50% in cash. Of the additional contingent consideration, achievement of one half of the related earnout benchmarks are payable in cash and achievement of the other half are payable in stock. The proposed purchase, which is subject to customary conditions, has been approved by the boards of directors of all companies and is expected to close in the fourth calendar quarter of 2016. Excluding acquisition-related expenses, it is expected that the impact of the transaction will provide 10% to 16% percent accretion to Meta's earnings per share in the first full year of combined operations. Meta does not intend to raise additional capital for this acquisition and expects to see approximately 10 percent tangible book value dilution at closing with an earn-back period of 3 to 4 years.