Green Dot To Buy Republic Bank & Trust's Tax Refund Solutions Business For $165 Mln - Quick Facts

(RTTNews) - Green Dot Corp. (GDOT) and Republic Bank & Trust Co., a subsidiary of Republic Bancorp, Inc. (RBCAA), announced Friday they have entered into a definitive agreement pursuant to which Green Dot will purchase the assets and operations of Republic Bank's Tax Refund Solutions business segment.

As part of the agreement, Green Dot will pay Republic Bank approximately $165 million in cash for TRS, and Republic Bank will provide transition services to Green Dot for TRS during the 2022 calendar year.

Additionally, Green Dot plans to maintain the associates primarily dedicated to the TRS business, with the remaining associates to be retained by Republic Bank to manage its other business lines within its Republic Processing Group.

The transaction is anticipated to be completed in the fourth quarter of 2021. It is subject to customary closing conditions, including expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.