Pathward Financial, Inc. Annual Report 2009

← All annual reports

FY2009 Annual Report · Pathward Financial, Inc.

Loading PDF…

2009 ANNUAL REPORT

117384506998436465785887363511283859606847765314673836

372382098566767463554115263737448500967574652436867334

213445686960698573365353711221334856352378894009883124

533228475749308117384506998436465785887363511283859606

847765314673836372382098566767463554115263737448500967

MONEY ON THE MOVE

574652436867334213445686960698573365353711221334856352

378894009883124533228475749308117384506998436465785887

363511283859606847765314673836372382098566767463554115

263737448500967574652436867334213445686960698573365353

MONEY ON THE MOVE

711221334856352378894009883124533228475749308117384506

998436465785887363511283859606847765314673836372382098

566767463554115263737448500967574652436867334213445686

960698573365353711221334856352378894009883124533228475

749308117384506998436465785887363511283859606847765314

673836372382098566767463554115263737448500967574652436

M O N E Y O N T H E M O V E

867334213445686960698573365353711221334856352378894009

883124533228475749308117384506998436465785887363511283

859606847765314673836372382098566767463554115263737448

500967574652436867334213445686960698573365353711221334

85635237889400988312453322847574930811738450699843646

785887363511283859606847765314673836372382098566767463

MONEY ON THE MOVE

554115263737448500967574652436867334213445686960698573

365353711221334856352378894009883124533228475749308117

384506998436465785887363511283859606847765314673836372

382098566767463554115263737448500967574652436867334213

445686960698573365353711221334856352378894009883124533

228475749308117384506998436465785887363511283859606847

Company Profile

Meta Financial

customers, along with Meta Payment

MetaBank is a federally-chartered

Group, Inc. (MFG)

Systems (MPS), its industry-leading

savings bank with four market areas:

is an $835 million

electronic payment systems division.

Brookings, Central Iowa, Northwest Iowa

thrift holding

company for

MFG shares are traded on the NASDAQ

and Sioux Empire. The MPS division supports

Global Market® under the symbol “CASH.”

clients internationally and manages four

MetaBank and Meta

MFG operates under a super-community

primary business lines that contribute to

Trust Company.

banking philosophy that allows the Company

revenue and deposits: prepaid cards, credit

JAMES S. HAAHR
CHAIRMAN OF THE BOARD

Headquartered

in Storm Lake,

to grow while maintaining its community

products, Automated Teller Machine (ATM)

bank roots, with localized decision making

sponsorship and Automated Clearing House

Iowa, the Company converted from mutual

and customer service. Administrative

(ACH) origination. Twelve bank offices

ownership to stock ownership in 1993. Its

functions, transparent to the customer,

and two MPS offices support MetaBank

primary businesses are deposits, loans and

are centralized to enhance the bank’s

customers and MPS partners and

other financial services to meet the needs

operational efficiencies and to improve

consumers. Meta Trust provides professional

of its commercial, agricultural and retail

customer service capabilities.

trust services.

MetaBank is a Member FDIC and Equal Housing Lender. The Company and its subsidiaries exceed regulatory capital requirements.

Financial Highlights

(Dollars in Thousands, Except Share and Per Share Data)

2009

2008

2007

2006

2005

AT SEPTEMBER 30

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total loans, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Book value per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total equity to assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 834,777
391,609
653,747
47,345
17.97
5.67%

$ 710,236
427,928
499,804
45,733
17.58
6.44%

$ 686,080
355,612
522,978
48,098
18.57
7.01%

$ 740,921
368,959
538,169
45,099
17.79
6.09%

$ 775,839
415,568
510,258
42,959
17.16
5.54%

FOR THE FISCAL YEAR

Total interest income and non-interest income-continuing operations . . . . . . . . . . . . . . .
Net interest income-continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income (loss) from continuing operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income (loss) from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 116,695
27,819
(1,463)
-
(1,463)

Diluted earnings (loss) per share:
Income (loss) from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income (loss) from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Return on average assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return on average assets-continuing operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return on average equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Return on average equity-continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net yield on interest-earning assets-continuing operations . . . . . . . . . . . . . . . . . . . . . . .

(0.56)
-
(0.56)

-0.20%
-0.20%
-3.13%
-3.13%
3.50%

75,114
24,003
(1,834)
811
(1,023)

(0.69)
0.31
(0.38)

-0.14%
-0.24%
-2.27%
-4.07%
3.51%

59,632
20,807
1,312
(141)
1,171

0.50
(0.05)
0.45

0.17%
0.19%
2.69%
3.01%
3.38%

51,607
18,501
3,379
309
3,688

1.34
0.12
1.46

0.49%
0.45%
8.55%
7.83%
2.85%

41,870
18,063
(652)
(272)
(924)

(0.27)
(0.11)
(0.38)

-0.12%
-0.08%
-2.04%
-1.44%
2.59%

Total Assets
In millions

Total Loans, Net
In millions

Total Deposits
In millions

Total Revenues
In millions

Total Net Income (Loss)
In millions

8
.
4
3
8
$

8
.
5
7
7
$

9
.
0
4
7
$

2
.
0
1
7
$

1
.
6
8
6
$

9
.
7
2
4
$

6
.
1
9
3
$

6
.
5
1
4
$

0
.

9
6
3
$

6
.
5
5
3
$

8
.
3
5
6
$

0
.
3
2
5
$

2
.

8
3
5
$

.
0
1
5
$

8
.
9
9
4
$

7
.
6
1
1
$

1
.
5
7
$

6
.
9
5
$

6
.
1
5
$

9
.
1
4
$

7
.
3
$

2
1
$

)
9

0
(
$

)
0
.
1
(
$

)
5
.
1
(
$

2009 SUMMARY ANNUAL REPORT 1

Letter to Shareholders

TESTED LIKE ALL FINANCIAL INSTITUTIONS IN A BUSINESS

charge against goodwill and related items.

CLIMATE MARKED BY UNPRECEDENTED CHANGE AND

ECONOMIC UPHEAVAL THROUGHOUT 2009, META FINANCIAL

GROUP NEVERTHELESS MADE MEASURABLE PROGRESS IN KEY

AREAS OF OUR ENTERPRISE. OUR LONG HERITAGE OF DISCIPLINED

FISCAL MANAGEMENT SERVED US WELL DURING THE YEAR

AS WE CAREFULLY MANAGED OUR BALANCE SHEET AND

STRENGTHENED OUR BASE TO TAKE ADVANTAGE OF A SLOWLY

EMERGING ECONOMIC RECOVERY.

Also, charges were prudently taken as collateral

held for commercial loans and other real estate

owned reflected declining market values. As

we look ahead, though, the outlook is moving

into a cautiously optimistic mode for a number

of reasons. First, while continuing investments

in research and development, our operating

management teams have implemented

efficiencies in both the bank and payment

systems businesses. That is a promise I made

in last year’s letter, and I expect further

progress in this area in 2010. Secondly,

we expect to benefit from a strengthening

J. TYLER HAAHR
PRESIDENT AND CEO

“Our ‘well-capitalized’

status has been

preserved and,

indeed, enhanced...”

Despite weak industry-wide credit markets

economy where we can leverage our cost

and certain events specific to Meta which

reductions against better business volume.

contributed to a slight reduction in reported

Moreover, our borrowing costs have been

earnings, the core value of Meta Financial

helped significantly by refinancing certain of

Group’s strength and stability was recognized

our high fixed rate borrowings that matured

by the market in the form of a significantly

with significantly lower available rates and

improved 40% growth in our share price for

with the added benefit of more non-interest-

the fiscal year, illustrated by the chart below.

bearing deposits.

While we are pleased at this manifestation of

Meanwhile, our fundamentals remain

our improved condition and outlook, we fully

sound. Our “well-capitalized” status has been

realize that there is much yet to be done. We

preserved and, indeed, enhanced as our risk-

are mindful of something Warren Buffett has

based capital ratio increased significantly

said, “Price is what you pay, value is what you

from less than 11% to more than 13%. As I

get.” In this sense we believe CASH is evolving

reported last year, our asset management

to warrant higher intrinsic value.

approach has been, and will continue to be,

For fiscal 2009, we recorded a loss of

more conservative than many other financial

$1.5 million following a year-end non-cash

institutions. As an outgrowth of this, we

COMPARISON OF CUMULATIVE TOTAL RETURN OF MFG
(NASDAQ symbol: CASH), broad market and industry index

$200

$150

$100

$50

2004

2005

2006

2007

2008

2009

Meta Financial Group, Inc.

NASDAQ Market Index

Hemscott Group Index

2 META FINANCIAL GROUP

Company Structure

META FINANCIAL GROUP, INC.®

METABANKTM

META TRUST®

NORTHWEST IOWA MARKET

BROOKINGS MARKET

CENTRAL IOWA MARKET

SIOUX EMPIRE MARKET

META PAYMENT SYSTEMS®

continued during the year to avoid exposure

short one- to four-year average lives. Because

to the highly speculative subprime residential

the majority of our deposits are non-interest-

loan market. Our investments have been

bearing, these investments produce attractive

conservatively managed as well. By far the

returns even from ultra-safe investments.

largest portion of our portfolio is in government-

However, in today’s historically low interest rate

backed GNMA securities which are zero risk-

environment, returns are naturally—and rather

weighted, the same as cash.

severely—truncated relative to higher returns

earnings against lower risk. When the economy

LOW-COST DEPOSIT BALANCES
In millions

6
.
7
9
4
$

0
.
7
6
3
$

0
.
6
5
3
$

4
.
9
0
3
$

2
.
9
9
1
$

Low-cost deposits include checking and money

market accounts.

MPS NON-INTEREST INCOME
In millions

4
.
7
7
$

8
.
4
3
$

6
.
5
1
$

1
.
1
1
$

6
.
1
$

associated with a more normal interest rate

environment. We have invested in relatively

short-term instruments with significant ongoing

cash flow, thereby offsetting somewhat lower

improves and rates rise, our low-cost deposit

base will become even more valuable and

lead to better earnings as our cost of deposits

generated by MPS remain near zero. Thus,

Meta Financial Group is well positioned to

benefit in a meaningful way as business

activity accelerates and interest rates normalize.

That is not to say, of course, that we are

passively waiting for the economy and interest

rates to normalize. There are developments

worth highlighting. In another of our efforts

to increase efficiency and manage costs,

we have decided to discontinue mailing our

quarterly report to shareholders. We believe

most shareholders prefer to read our releases

and filings on our website or on popular

financial reporting sites, but those who care

to receive our materials by email can contact

us via our website or call Investor Relations.

Our primary operating objectives are

Meta Payment Systems achieved record

relatively unchanged. We are continuing to

earnings of $4.1 million as a result of another

manage further cost reductions and productivity

year of excellent revenue growth, recording an

gains, both designed to bring more of our

increase of more than 80% for the year even

revenue to the bottom line and to create long-

with a significantly lower deposit earnings credit

term value for our owners. As a further example

caused by the lower interest rate environment.

of this, our bank management made a decision

2009 SUMMARY ANNUAL REPORT 3

Here are some key financial
points from fiscal 2009

• MFG reported a net loss of $1.5 million or

($0.56) per diluted share. This compares

to an adjusted loss of $1.0 million or

($0.38) per share for fiscal 2008.

• Full year net income was restrained by

loan loss provisions which were increased

substantially to recognize additional risk

due primarily to a weaker economy.

• Deposits grew significantly to $653.7 million

from $499.8 million.

• Shareholders’ equity ended at $17.97

per share in 2009, up from an adjusted

$17.58 per share in 2008.

• MPS grew revenues by more than 80%,

continuing its strong performance despite a

lower deposit earnings credit resulting from

lower interest rates.

• Significant cost reduction measures were

taken throughout the enterprise.

• Our $0.13 cents per share quarterly dividend

reached a milestone of 15 uninterrupted years.

I would like to bring into focus now an

important structural matter that should

favorably impact our results going forward.

Through Meta Payment Systems, we generate

significant deposits that we have been

investing in low-risk securities with relatively

FUNDING SOURCES 2009

Checking . . . . . . . . . 58%
Certificates . . . . . . 19%
Money Markets . . . 5%

Wholesale

Borrowings . . . . 15%
Savings . . . . . . . . . . . . 1%

As noted, the business climate continues

further efficiency, and we are determined

to inspire caution among consumers and

to amplify the trust and respect of our

from many customers of both our traditional

clients. It is a source of personal pride to

MetaBank and Meta Payment Systems.

me to have clients acknowledge that during

Although we see valid reasons for optimism

conversations with our competitors, the

for 2010 operating results, we are taking

name Meta Payment Systems is used with

steps to position both our bank and

respect and deference.

payments division to focus on proven core

We are also proud that our cutting-

capabilities where we can leverage our

edge products make life easier for the many

efficiency and cost containment changes.

millions of people who do not qualify for

FUNDING SOURCES 2008

We have implemented productivity and

or who choose not to use traditional banking

cost control programs that are expected to

facilities. We provide these users with

deliver more positive bottom line results,

security and convenience along with

even if we face economy-related slower

flexibility in the many ways now available

revenue growth for a period of time.

to make financial transactions in person,

Meta Payment Systems

At MPS, we have achieved very significant

positions among the top innovators and

providers of card and payment services. A

list of some of the more noteworthy:

• We are a leading issuer of gift cards in

the U.S. and the world

• We are a leading issuer of rebate cards

in the U.S. and the world

online, wirelessly, through vending machines

and more.

MPS’ iAdvanceSM credit product introduced

last year is an example of our innovation in

this area. Named the #1 product in the prepaid

industry last year, iAdvance coupled with our

reloadable debit card is essentially a checking

account on a card… allowing consumers to

enjoy direct deposit, to purchase goods and

services using the card, and to obtain cash

• We are the #1 sponsor of ATMs in the U.S.

advances. This product is often used as a

• We are among the top issuers of prepaid

cards for Visa, MasterCard, and Discover

• 1,100 banks use our turnkey gift/travel/

debit/cards and other products

much more economical alternative to check

cashing services or to overdraft fees levied

by some banks on traditional checking

accounts. The feedback on iAdvance has

These advantages combine to present

been outstanding. We have surveyed thousands

a promising future for MFG in this dynamic

industry. Our innovative management team

has established a reputation as the “go-to-

people” among our largest and most

of customers and over 95% of them told us

they would recommend iAdvance to friends

and family. Our iAdvance customers tell us

in very clear and powerful terms just how

knowledgeable customers. No other provider

important iAdvance is to their lives and

offers such a complete suite of products to

both banking and “non-bank” customers.

just how much better it is than any other

alternatives. That is something we are very

Our leading position bolsters our drive toward

proud of—we are positively impacting the

4 META FINANCIAL GROUP

Checking . . . . . . . . . 49%

Wholesale

Certificates . . . . . . 19%

Borrowings . . . . 22%

Money Markets . . . 6%

Savings . . . . . . . . . . . . 1%

in 2009 to consolidate one of our branch

operations to save expenses while preserving

full service to our customers. MetaBank now

operates 12 branches throughout the areas we

serve. As a result, through added efficiencies,

initiatives and attrition, the retail bank is able to

operate effectively with staffing levels reduced

by approximately 8% from a year ago.

Our near-term challenges will more than

likely include the requirement that we adapt

to new federal regulations (currently being

proposed) regarding fee structures for bank

accounts and for various credit and debit

cards. Be assured, we will always follow

our analytical but common sense approach

and offer services that are good values at

reasonable prices.

lives of our customers while building value

MetaBank

Looking Ahead

for Meta, its partners and its shareholders.

The forecast for gift card sales for the coming

holiday season calls for another strong

performance and the results for last season

more than met expectations. According to the

National Retail Foundation, 55% of consumers

want to receive a gift card this season—

making such cards the most requested of

all presents again this year. Of course, this

bodes well for the current holiday season

at Meta Payment Systems, a leading issuer

of “open loop” gift cards. Many consumers

are attracted to open loop cards, pre-loaded

with cash, as they are more flexible, and

usable anywhere Visa, MasterCard or

Discover are accepted; “closed loop” cards

are usable at one retailer. Open loop cards

remove risk for both the purchaser and

recipient against the seller going out of

business, which would render a closed loop

card worth less or even worthless.

META PAYMENT SYSTEMS
EXAMPLES OF PREPAID CARDS

Early in 2009, MetaBank began an extensive

I want to express my personal gratitude to

research and development project aimed at

each of our talented and loyal employees

“thinking from the outside in” to develop

and to our excellent management team. They

innovative new products, not only to meet

have adapted well during the recession and

customer demand but to actually create

continued to focus on our goal of creating

additional demand among current and

value even under difficult conditions. We

potential customers. Our findings allowed

appreciate their dedication, energy and skill.

us to offset costs of our new, market-leading

It is particularly appropriate this year that

high yield checking accounts by changing

I once again express appreciation to our

consumer debit card usage while cost-

Board of Directors. In addition to thanking

effectively offering new features to address

our Chairman, as always, I want to pay

growing consumer concerns regarding

special tribute to Mr. E. Wayne Cooley.

identity theft and account fraud. Among

Mr. Cooley has advised that he plans to

the new checking account features are:

retire from our Board following 25 years

• Free ID ProtectALLSM with all new checking

of dedicated service. We all join in thanking

accounts

him for his consistent wisdom and guidance.

(cid:1) Payment Card Protection

2010 will be a year of both opportunity

(cid:1) Personal Identity Protection

and challenge. As I have indicated earlier, we

(cid:1) 6 months free Identity Guard®

believe Meta Financial Group is positioned for

(cid:1) Identity Recovery & Restoration

significant progress this year. Be assured, we

• Free PhotoSecureTM Debit Card

will look for opportunity and efficiency in all

Our research process of putting ourselves

corners of our business.

in our customers’ shoes helped lead to an

In short, I pledge that we will work

exciting new community outreach program.

to demonstrate the power of our unique

“Your Cause, Our Cash,” directs portions of

enterprise to create and realize value for

our normal charitable giving toward causes

our owners.

supported by our customers and potential

customers. The enthusiastic reception the

program has received validates its worth to

us, but most importantly, to our community

charities, where help is sorely needed

J. TYLER HAAHR

right now.

2009 SUMMARY ANNUAL REPORT 5

Question and Answer

(Editor’s note: The following interview with Meta Financial Group’s executive team is intended to further acquaint investors with

Meta’s current operational challenges and successes. Participants in the discussion are: Brad Hanson, corporate Executive Vice

President and President, MPS; Scott Galit, Executive Vice President, MPS; Dave Leedom, corporate Senior Vice President & CFO;

and Troy Moore, corporate Executive Vice President and COO, MetaBank)

TROY MOORE
EXECUTIVE VICE
PRESIDENT & COO

BRAD HANSON
EXECUTIVE VICE PRESIDENT;
PRESIDENT MPS

DAVE LEEDOM
SENIOR VICE PRESIDENT
& CFO

SCOTT GALIT
EXECUTIVE VICE
PRESIDENT MPS

Q: Gentlemen, the economic climate
certainly provided more than enough

operating challenges in 2009, but let’s

begin with 2009’s high points from

Q: Troy, how did the Bank fare?

A: Credit quality, coupled with a drive
toward increased efficiency and expense

both the Meta Payment Systems (MPS)

management, was the #1 objective for us

and MetaBank operating perspectives,

throughout the year, and we made significant

starting with MPS. Brad?

progress in each category. As to banking

A: MPS delivered record earnings in 2009
in spite of the tough economic environment,

activity, we saw growth on the deposit side

but not on loans. We do have excellent

lending capacity and are ready to make

and that helps set us apart from some of the

loans. But tougher economic times inhibit

more traditional banking firms. MPS continued

both borrowers and lenders, and that’s what

to focus on growth market segments

we’ve been experiencing. The best way to

throughout 2009, and we were able to build

say it is that we are poised and ready to

on our position as a leader in many of those

lend, but the markets are still somewhat

segments. We benefit from working with

unstable due to the persistently cautious

a number of industry-leading partners,

environment. Meanwhile, we are incentivizing

and many of those partners experienced

our retail branches to sell products for us,

significant growth for the year. In fact, we

and we are constantly seeking new ways

saw growth with our partners across virtually

to increase volume without increasing

every product category—payroll cards,

expenses. Our progress on these issues thus

reloadable cards, rewards cards, gift cards,

far makes us pretty excited about 2010.

credit products, and ATMs. All business lines

experienced significant increases in volume.

As the use of prepaid cards continues to

grow in popularity and take market share

from traditional cash and checks, the products

that Meta and our partners offer should

continue to see exciting growth in the future.

6 META FINANCIAL GROUP

Q: Brad, your response suggests that
MPS is at or near a dominant position

in its segment of the electronic

payments business. What in the way

of competition or other factors stands

in the way of even greater momentum?

A: Frankly, we’re not too focused from day
to day on whether or not we have a dominant

market position. Our everyday energies are

devoted to exciting growth market segments

and delivering value for each of our partners

and consumers. By taking an approach that

is centered on the needs of each partner and

each consumer, as well as on the industry

overall, we’ve been able to become one of

the recognized leaders in this space. So, in

terms of our competitive ranking, that takes

care of itself over time.

Q: A follow-up for you as well, Troy;
as the recession eases, what changes

in deposit activity are you experiencing,

and are borrowers returning to the

Bank for loans?

A: We have seen that consumers nationwide
are saving more than they have compared

to each of the last several years, and

we’re pleased to see that deposits have

correspondingly increased at the Bank.

That is particularly good news for us; it

demonstrates that, as a “well-capitalized” bank

in business for 56 years, we have earned and

retained the essential trust of our customers.

We are deeply rooted in the communities we

serve and people are confident in our staying

power. As I indicated earlier, we are not

“well-capitalized” threshold imposed by

yet seeing an increased demand for loans.

federal regulators. As to the future, we are

We are well prepared for the opportunities

fully confident in our capital generating

that will present themselves once persistent

capacity and the availability of sufficient

concerns over the pace of the nation’s

alternatives to fund our balance sheet

economic recovery begin to be resolved.

growth. Primarily, these sources are found

Q: Dave, while we’re at it, did the
Bank participate in the federal

in earnings and in the abundant no-cost

deposits generated by the MPS division.

We have a reached a point in our growth

government’s Troubled Asset Relief

that we can lever our infrastructure to

Program (TARP)?

enhance our gross margin, making our

operating activities even more capital-

A: Due to our very solid risk-based capital
ratio, improved from nearly 11% last year to

accretive. At Meta, we are in the enviable

position of building capital for growth rather

more than 13% this year, we did not access

than funding anticipated credit losses.

TARP funds. Our capital raising strategy going

In addition, our investment portfolio has

forward is to direct our activities toward other

generated significant earnings that provide

sources. At the same time, we are certainly

an additional layer of capital protection.

well aware that the TARP program has been

vital to the safety and soundness of many

U.S. banking institutions and to our industry

as a whole.

Q: Dave and Troy, apparently over
130 banks will be closed by regulators

A: Troy – I echo Dave’s comments regarding
capital and would add, as far as bank

closures and opportunities for us, we must

consider that the overall marketplace has

narrowed for the present. It is not always

clear that bank closings necessarily present

in 2009, many of them relatively small

great opportunity, because the reasons for

institutions. This is the highest level

their closing usually have to do with bad

of regulatory closures in 20 years. Is

loans. Strong banks are not always eager

Meta strong enough to withstand this

to take on distressed assets from failed

growing regulatory pressure, and if so,

banks. We are fortunate with the timing

do the closures present opportunity

of MetaBank’s recent new product rollout,

for MetaBank?

A: Dave – MFG was already strong and
stable at the outset of 2009, but we have

because there are deposit customers that

choose to move out of weaker banks into

stronger banks. We have already picked up

some additional deposits from that opportunity.

further improved our “well-capitalized”

In fact, in the first few months into our

risk-weighted capital ratio at the Bank

rollout, we have more than doubled our

throughout the year. We easily exceed the

checking account acquisitions over last year.

2009 SUMMARY ANNUAL REPORT 7

META PAYMENT SYSTEMS
TRAVEL CARD

Consumer purchases Visa®
travel card at bank branch

(cid:1)

Funds are held at
MetaBankTM until spent

(cid:1)

Consumer uses travel
card at restaurants,
lodging, retailers

(cid:1)

Visa® pays retailers and pulls
funds from MetaBankTM
to cover purchases

Q: Scott, reloadable cards are among
the consumer banking industry’s

fastest-growing products. The fees

charged for activating and using these

reloadable cards have been criticized

by some observers as being onerous.

What is your take on this growing

controversy, and does MPS receive

such criticism?

A: I’m not sure I would call it a growing
controversy, but there is certainly an

increased awareness of reloadable card

products and the pricing for those products,

based in large part on their popularity. In

general, I think the debate is a good thing.

It’s a clear indication that as an industry we

are beginning to reach critical mass. At Meta,

we are very conscious—and, I would add,

conscientious—with respect to the fees

consumers pay for our products and services.

There are two pillars to our approach:

(i) clear and transparent disclosure of all fees

in all card categories; and (ii) making sure

consumers are fully informed of the choices

they have. You’ll continue to see different

studies and articles showing varying points

of view about whether a prepaid card is better

or worse for a consumer than alternatives

such as high cost entry-level bank accounts

or check cashing stores. Our approach is

to ensure that a consumer can easily

understand the pricing and to help our

partners provide more and more products to

enable consumers everywhere to have more

and more choices to select the cards that

are best for them. Competition in the prepaid

card business is fierce, and that is good for

consumers, because it has driven consumer

fees down considerably over the years.

Frankly, we hear more complaints from

consumers about hidden fees imposed on

traditional financial services than we do

about prepaid card programs.

Q: Scott, speaking of consumers,
how does MPS measure customer

attitudes, and can you point to any

particular data supporting overall

satisfaction?

A: We spend a lot of effort to understand
customer attitudes and to get specific

feedback on some of the key products we

have launched. Our iAdvance product is a

good example, and the feedback on it has

been terrific. We’ve surveyed thousands of

customers and over 95% of them told us

they would recommend iAdvance to friends

and family. We think that’s the highest praise

available. We also spend one-on-one time

with customers to gain a better understanding

of what is happening in their lives and how

our products can help them. As mentioned

in Tyler Haahr’s letter to shareholders,

appearing on page 2, customers of the

iAdvance product in particular have been

outspoken in their praise, not only in

our research surveys, but in unsolicited

comments we’ve received directly from

them. To have helped originate a product

that is a genuine “win-win” for both

customers and the Bank is a real pleasure,

and it’s our objective to merit such praise

each day.

8 META FINANCIAL GROUP

Q: Dave, Tyler Haahr points out in
his Letter to Shareholders that one

Q: Dave, while we are on the subject
of the balance sheet, can you provide

of Meta’s chief portfolio strengths

any comfort that we have seen

is its strategy of focusing on very

the worst of the losses from the

conservative investments with

unfortunate string of fraudulent loans

relatively short average lives. Can

and defalcation committed on the Bank?

you amplify on that, particularly on

how the strategy has been validated

during the economic recession?

A: First of all, about 90% of our investment
portfolio—virtually one-half of the balance

A: We were intensely concentrated during
fiscal 2009 on changing the risk profile of

the balance sheet by the time we entered

2010 and beyond. Along with a shift to

investments in assets backed by government

sheet—is in government-backed securities.

sponsored entities (GSEs), we also made a

Another feature of our balance sheet, and

conservative assessment of the fraudulent

one where we have a distinct advantage over

loan assets and the recession-induced

other institutions, is that the majority of our

problem assets in 2009. The best way to

deposits come to us at zero cost from our

answer the question is to say that, while the

Meta Payment Systems division. This in turn

economy is still difficult and has a level of

affords us the opportunity of not having to

uncertainty associated with it, we believe

“stretch for yield” by pursuing asset profiles

that we have written those affected assets

with relatively higher risks. Our investment

down to conservative levels. We have also

purchases over the last 12 to 15 months

reevaluated our policies and procedures

have been almost exclusively government-

from a risk assessment point of view in

backed mortgage-backed securities and

order to lessen the likelihood or prevent

within that category most carry a zero

future attempts to defraud the Bank.

percent risk weighting; the same as cash.

Given the renewed focus on conservative

investment strategies during the past fiscal

year, we have dramatically changed the risk

profile of our balance sheet. At the same

time, of course, the interest rate environment

has suggested that we stay in relatively

short-term securities, giving us the flexibility

to quickly take advantage of rising rates later

in the coming year.

META PAYMENT SYSTEMS
REBATE CARD

Consumer purchases
product at a store and
completes rebate request form

(cid:1)

Rebate processor transmits
rebate information and
funds to MetaBank,TM where
funds are held until spent

(cid:1)

Meta® sends MasterCard®
rebate card to consumer
through mail

(cid:1)

Consumer spends funds
from card at a merchant

(cid:1)

MasterCard® pays merchant
for the purchase and pulls
funds from MetaBankTM
for settlement

2009 SUMMARY ANNUAL REPORT 9

Q: Brad, what are the timing
considerations for MPS in terms of

Q: And, what do you expect in that
regard from the 2009 Christmas

when and how you will see more

buying season?

opportunities for your business as

we see economic recovery?

A: As we head into the holiday season,
we’re already seeing positive signs of an

A: While segments of our business certainly
have some cyclicality, many segments aren’t

increase in overall gift card sales. It remains

to be seen whether that will continue through

very cyclical at all. We’ve been able to ride

the holiday season. Hopefully, though, the

out the economic downturn fairly well as

gains that do occur will demonstrate both the

many companies, big and small, turned to

power of the growth trajectory in the prepaid

products like payroll cards and rewards cards

business as well as add some support for

in an effort to increase efficiency and reduce

the idea that the worst of the US economic

costs in administering their businesses. As

downturn is behind us.

the economy picks up, we think CFOs will

continue to favor prepaid cards for their cost

efficiency, while consumers will spend more

on products like gift and travel cards. So, we

“We’ve been able to ride out the

should see some lift across all categories of

economic downturn fairly well...”

cards as the economy improves.

META PAYMENT SYSTEMS
GIFT CARD

Consumer purchases
Discover® gift card at bank

(cid:1)

Bank electronically transmits
funds and fees to Meta® where
funds remain until spent

(cid:1)

Consumer gives card
to recipient

(cid:1)

Recipient spends the
gift at retailer

(cid:1)

Discover® pays retailer and
pulls funds from MetaBankTM
to cover purchases

10 META FINANCIAL GROUP

Q: Scott, as you continue to leverage
your prior experience as head of

Q: Troy, what is your assessment
of the three best opportunities for

worldwide prepaid business for

MetaBank in 2010 and beyond?

MasterCard, what are the top three

opportunities you see for MPS in the

international arena? Also, are there

A: In terms of key objectives, our full focus
is on credit quality, increased efficiency and

significant advances in techniques

expense management along with developing

or technology as we look forward?

new and enhanced products. Much of what

A: There are great opportunities for Meta
internationally. The top 3 opportunities are:

we have and will accomplish in terms of

new efficiencies stems directly from our

system wide automation and standardization

(i) to grow with our existing partners as they

programs which allow us to be proactive

expand into international markets; (ii) to

and maintain a solid and structured risk

deploy our unique partner-centric business

management profile.

model and engage with other world-class

partners around the world; and (iii) to

introduce products and services that

Q: Dave, will you conclude with
an enterprise-wide summary for

provide more banking and payment tools

investors—current and prospective—

for consumers that aren’t actively banking

of the value proposition for Meta

today—and those “underbanked” numbers

Financial Group (NASDAQ: CASH)?

are much higher outside the U.S. than within.

As to the second part of the question, the

flexibility of the newer systems being used in

A: I’ll make it simple and to the point: Our
balance sheet is in a great position to generate

our markets helps us deploy new technology

satisfactory returns while minimizing risk

more quickly than most traditional banking

exposure. The current artificially low rate

technology can be deployed. But while we

environment has made it difficult to improve

may lead in deploying technology within

interest earnings despite our no-cost deposit

the banking industry, we tend to be rapid

base, but as rates increase, we are excited

followers rather than true technology

about our earnings prospects for 2010 and

innovators. For example, Web 2.0 and

beyond. In addition, our delivery and product

wireless tools are being deployed by MPS,

development mechanisms at both MetaBank

but certainly not as the first applications

and Meta Payment Systems are continuously

for those technologies. The security and

being sharpened to maximize future returns.

data-intensive nature of our applications

makes it difficult to be first with truly

breakthrough technology. What you will see

from Meta are innovative and unique uses

of technology to create truly differentiated

products and value propositions.

META PAYMENT SYSTEMS
RELOADABLE CARD

Consumer visits retail location
and obtains prepaid card

(cid:1)

Consumer signs up with
employer for direct deposit
and paycheck is sent to Meta,®
where funds remain until spent

(cid:1)

Consumer uses card
to make purchases at
gas stations, grocery stores
and other retailers

(cid:1)

Visa® pays retailers and pulls
funds from MetaBankTM
to cover purchases

2009 SUMMARY ANNUAL REPORT 11

Consolidated Statements of Financial Condition

(Dollars in Thousands, Except Share and Per Share Data)

SEPTEMBER 30,

ASSETS

Cash and cash equivalents
Federal funds sold
Investment securities available for sale
Mortgage-backed securities available for sale
Loans receivable—net of allowance for loan losses of

$6,993 at September 30, 2009 and $5,732 at September 30, 2008

Federal Home Loan Bank stock, at cost
Accrued interest receivable
Bond insurance receivable
Premises, furniture, and equipment, net
Bank-owned life insurance
Foreclosed real estate and repossessed assets
Goodwill and intangible assets
MPS accounts receivable
Other assets

Total assets

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES

Non-interest-bearing checking
Interest-bearing checking
Savings deposits
Money market deposits
Time certificates of deposit
Total deposits

Advances from Federal Home Loan Bank
Other borrowings from Federal Reserve Bank
Securities sold under agreements to repurchase
Subordinated debentures
Accrued interest payable
Contingent liability
Accrued expenses and other liabilities

Total liabilities

SHAREHOLDERS EQUITY

Preferred stock, 800,000 shares authorized, no shares issued or outstanding
Common stock, $.01 par value; 5,200,000 shares authorized, 2,957,999 shares issued, 2,634,215

and 2,601,103 shares outstanding at September 30, 2009 and September 30, 2008, respectively

Additional paid-in capital
Retained earnings—substantially restricted
Accumulated other comprehensive (loss)
Treasury stock, 323,784 and 356,896 common shares, at cost, at September 30, 2009 and

September 30, 2008, respectively
Total shareholders’ equity

Total liabilities and shareholders’ equity

See Notes to Consolidated Financial Statements.

2009

2008

6,168
9
17,566
347,272

391,609
7,050
4,344
4,118
21,989
13,270
2,053
2,215
5,381
11,733

834,777

442,158
15,602
10,001
39,823
146,163
653,747
74,800
25,000
6,686
10,310
447
4,268
12,174
787,432

30
23,551
31,626
(1,838)

(6,024)
47,345

2,963
5,188
19,711
184,123

427,928
8,092
4,497
6,098
21,992
12,758
-
2,206
3,878
10,802

710,236

308,852
15,029
9,394
43,038
123,491
499,804
132,025
-
5,348
10,310
578
4,293
12,145
664,503

30
23,058
34,442
(5,022)

(6,775)
48,098

834,777

710,236

12 META FINANCIAL GROUP

Consolidated Statements of Operations

(Dollars in Thousands, Except Share and Per Share Data)

SEPTEMBER 30,

Interest and dividend income:

Loans receivable, including fees
Mortgage-backed securities
Other investments

Interest expense:
Deposits
FHLB advances and other borrowings

Net interest income

Provision for loan losses

Net interest income after provision for loan losses

Non-interest income:
Card fees
Gain on sale of securities available for sale, net
Deposit fees
Loan fees
Gain on sale of membership equity interests, net
Bank-owned life insurance income
Gain on sale of branch office
Gain (loss) on REO
Other income

Non-interest expense:

Card processing expense
Compensation and benefits
Occupancy and equipment expense
Legal and consulting expense
Data processing expense
Marketing
Other expense

Income (loss) from continuing operations before income tax expense (benefit)

Income tax expense (benefit) from continuing operations

Income (loss) from continuing operations
Gain on sale from discontinued operations before taxes
Income (loss) from discontinued operations before taxes
Income tax expense (benefit) from discontinued operations
Income (loss) from discontinued operations

Net income (loss)

Basic earnings (loss) per common share:

Income (loss) from continuing operations
Income (loss) from discontinued operations
Net income (loss)

Diluted earnings (loss) per common share:

Income (loss) from continuing operations
Income (loss) from discontinued operations
Net income (loss)

Dividends declared per common share:

See Notes to Consolidated Financial Statements.

2009

25,561
10,230
935
36,726

5,341
3,566
8,907
27,819
18,713
9,106

77,502
761
749
660
515
512
-
(1,015)
285
79,969

33,540
32,743
7,978
3,745
2,181
1,822
9,072
91,081
(2,006)
(543)

(1,463)
-
-
-
-

(1,463)

(0.56)
-
(0.56)

0.52

2008

25,909
8,484
3,025
37,418

7,758
5,657
13,415
24,003
2,715
21,288

34,634
24
833
777
543
498
-
-
387
37,696

15,630
25,731
6,619
3,386
1,248
1,250
7,956
61,820
(2,836)
(1,002)

(1,834)
2,309
76
1,574
811

(1,023)

(0.71)
0.31
(0.40)

(0.69)
0.31
(0.38)

0.52

2007

25,584
5,500
6,690
37,774

11,664
5,303
16,967
20,807
3,168
17,639

15,375
496
885
580
-
436
3,331
20
735
21,858

6,377
18,248
4,003
2,965
911
797
3,657
36,958
2,539
1,227

1,312
-
(394)
(253)
(141)

1,171

0.52
(0.06)
0.46

0.50
(0.05)
0.45

0.52

2009 SUMMARY ANNUAL REPORT 13

Selected Financial Condition Data

(Dollars in Thousands, Except Share and Per Share Data)

SEPTEMBER 30,

SELECTED FINANCIAL CONDITION DATA

Total assets
Loans receivable, net
Securities available for sale
Goodwill and intangible assets
Deposits
Total borrowings
Shareholders’ equity

YEAR ENDED SEPTEMBER 30,

SELECTED OPERATIONS DATA

Total interest income
Total interest expense

Net interest income
Provision for loan losses

Net interest income after provision for loan losses
Total non-interest income
Total non-interest expense

Income (loss) from continuing operations before

income tax expense (benefit)

Income tax expense (benefit)

Income (loss) from continuing operations
Income (loss) from discontinued operations, net of tax
Net income (loss)

Basic earnings (loss) per common share:

Income (loss) from continuing operations
Income (loss) from discontinued operations
Net income (loss)

Diluted earnings (loss) per common share:

Income (loss) from continuing operations
Income (loss) from discontinued operations
Net income (loss)

YEAR ENDED SEPTEMBER 30,

SELECTED FINANCIAL RATIOS
AND OTHER DATA

PERFORMANCE RATIOS
Return on average assets
Return on average assets-continuing operations
Return on average equity
Return on average equity-continuing operations
Net interest margin-continuing operations
Operating expense to average assets-continuing operations

QUALITY RATIOS—CONTINUING OPERATIONS
Non-performing assets to total assets at end of year
Allowance for loan losses to non-performing loans

CAPITAL RATIOS

Shareholders’ equity to total assets at end of period
Average shareholders’ equity to average assets

OTHER DATA

Book value per common share outstanding
Dividends declared per share
Number of full-service offices

2009

2008

2007

834,777
391,609
364,838
2,215
653,747
116,796
47,345

36,726
8,907
27,819
18,713
9,106
79,969
91,081

(2,006)
(543)
(1,463)
-
(1,463)

(0.56)
-
(0.56)

-0.20%
-0.20%
-3.13%
-3.13%
3.50%
10.55%

1.76%
55%

5.67%
5.42%

710,236
427,928
203,834
2,206
499,804
147,683
45,733

37,418
13,415
24,003
2,715
21,288
37,696
61,820

(2,836)
(1,002)
(1,834)
811
(1,023)

(0.71)
0.31
(0.40)

(0.69)
0.31
(0.38)

-0.14%
-0.24%
-2.27%
-4.07%
3.51%
8.25%

1.06%
76%

6.44%
6.01%

686,080
355,612
158,701
1,508
522,978
78,534
48,098

37,774
16,967
20,807
3,168
17,639
21,858
36,958

2,539
1,227
1,312
(141)
1,171

0.52
(0.06)
0.46

0.50
(0.05)
0.45

0.17%
0.19%
2.69%
3.01%
3.38%
5.26%

0.38%
196%

7.01%
6.20%

17.97
0.52
12

17.58
0.52
13

18.57
0.52
17

14 META FINANCIAL GROUP

BACK: J. TYLER HAAHR AND TROY MOORE; FRONT: BRAD HANSON, DAVE LEEDOM, SCOTT GALIT

Board of Directors

Senior Officers

James S. Haahr
Chairman of the Board of Meta Financial Group
and MetaBank

James S. Haahr
Chairman of the Board for Meta Financial Group
and MetaBank

E. Wayne Cooley
Consultant Emeritus of the Iowa Girls’ High
School Athletic Union

E. Thurman Gaskill
Iowa State Senator and Grain and Livestock
Farming Operation Owner

J. Tyler Haahr
President and Chief Executive Officer of Meta
Financial Group and MetaBank, and President
of Meta Trust

Brad C. Hanson
Executive Vice President of Meta Financial
Group and MetaBank and President of
Meta Payment Systems Division

Frederick V. Moore
President of Buena Vista University

Rodney G. Muilenburg
Retired Dairy Specialist Manager of Purina Mills,
Inc.; Retired Consultant for TransOva Genetics
Dairy Division and Retired Director of Sales and
Marketing for TransOva Genetics

Jeanne Partlow
Retired Chairman of the Board and President
of Iowa Savings Bank

J. Tyler Haahr
President and Chief Executive Officer for Meta
Financial Group and MetaBank, and President
of Meta Trust

Troy Moore
Executive Vice President and Chief Operating
Officer for Meta Financial Group and MetaBank

Brad C. Hanson
Executive Vice President for Meta Financial
Group and MetaBank and President of Meta
Payment Systems Division

David W. Leedom
Senior Vice President, Secretary, Treasurer and
Chief Financial Officer for Meta Financial Group

Scott Galit
Executive Vice President for Meta Payment
Systems Division

Ron Butterfield
Senior Vice President and Chief of Staff for
Meta Payment Systems Division

Michael Conlin
Senior Vice President Agent Products for
Meta Payment Systems Division

Andrew Crowe
Senior Vice President of Product Development
for Meta Payment Systems Division

John deLavis
Senior Vice President of Meta Payments
Systems Operations

Merid Eshete
Senior Vice President and Chief Risk Officer

John Hagy
Senior Vice President and Chief Legal Officer

Sandra K. Hegland, SPHR
Senior Vice President, Director Human
Resources

John Kenjar
Senior Vice President, Director of Marketing

Barbara Koopman
Senior Vice President of Retail Bank Operations

Troy Larson
Senior Vice President of Information Services

Steven G. Patterson
Chief Lending Officer and President of
MetaBank Central Iowa Market

Tim Peters
President of MetaBank Brookings Market

Grant Rogers
Senior Vice President of Prepaid for Meta
Payment Systems Division

Trent Sorbe
Senior Vice President of Credit Products for
Meta Payment Systems Division

Jeanni Stahl
Senior Vice President of Meta Payment Systems
Risk Management

Kathy M. Thorson
President of MetaBank Sioux Empire Market

2009 SUMMARY ANNUAL REPORT 15

Investor Information

Annual Meeting of Shareholders

Independent Auditors

Form 10-K

The Annual Meeting of Shareholders will
convene at 1:00 pm on Monday, January 25,
2010. The meeting will be held in the Board
Room of MetaBank, 121 East Fifth Street,
Storm Lake, Iowa. Further information with
regard to this meeting can be found in the
proxy statement.

General Counsel

Mack, Hansen, Gadd, Armstrong

& Brown, P.C.
316 East Sixth Street
P.O. Box 278
Storm Lake, Iowa 50588

Special Counsel

Katten Muchin Rosenman LLP
2900 K Street NW / Suite 200
Washington, D.C. 20007-5118

KPMG, LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, Iowa 50309-2372

Shareholder Services

Shareholders desiring to change the name,
address, or ownership of stock; to report lost
certificates; or to consolidate accounts, should
contact the corporation’s transfer agent:
Registrar & Transfer Company
10 Commerce Drive
Cranford, New Jersey 07016
Telephone: 800.368.5948
Email: invrelations@rtco.com
Web site: www.rtco.com

Copies of the Company’s Annual Report on
Form 10-K for the year ended September 30,
2009 (excluding exhibits thereto) may be
obtained without charge from Investor
Relations; please see below.

Investor Relations

Requests for Form 10-K, other inquiries or
investor comments are welcome and should
be directed to:
Lisa Binder
Vice President, Investor Relations
& Corporate Communications

Meta Financial Group
121 East Fifth Street
P.O. Box 1307
Storm Lake, Iowa 50588
Telephone: 712.732.4117
Email: invrelations@bankmeta.com
Web site: www.bankmeta.com

Dividend and Stock Market Information

Meta Financial Group's common stock trades on the NASDAQ Global Market® under the symbol
“CASH.” Quarterly dividends for 2009 and 2008 were $0.13. The price range of the common stock,
as reported on the NASDAQ System, was as follows:

FIRST QUARTER

SECOND QUARTER

THIRD QUARTER

FOURTH QUARTER

FISCAL YEAR 2009
HIGH
LOW

FISCAL YEAR 2008
HIGH
LOW

$ 6.75
6.58
8.50
19.27

$ 16.94
12.28
21.52
24.05

$ 38.83
17.34
16.00
16.85

$ 41.98
40.75
27.00
27.55

Prices disclose inter-dealer quotations

without retail mark-up, mark-down or
commissions, and do not necessarily represent
actual transactions.

Dividend payment decisions are made with

consideration of a variety of factors including

earnings, financial condition, market
considerations and regulatory restrictions.
Restrictions on dividend payments are
described in Note 15 of the Notes to
Consolidated Financial Statements included
in our Annual Report on Form 10-K.

As of September 30, 2009, Meta Financial

Group had 2,634,215 shares of common
stock outstanding, which were held by 207
shareholders of record, and 577,921 shares
subject to outstanding options. The shareholders
of record number does not reflect approximately
500 persons or entities that hold their stock in
nominee or “street” name.

The following securities firms indicated
they were acting as market makers for Meta
Financial Group stock as of September 30,
2009: Citadel Securities LLC, Citigroup Global
Markets Inc., Direct Edge ECN LLC, Interactive
Brokers LLC, Knight Equity Markets, L.P.,
Penson Financial Services Inc., UBS Securities
LLC, and Wedbush Morgan Securities Inc.

16 META FINANCIAL GROUP

bankmeta.com

MetaBank
Northwest Iowa Market

STORM LAKE MAIN OFFICE
121 East Fifth Street
P.O. Box 1307
Storm Lake, Iowa 50588
712.732.4117
800.792.6815
712.749.7502 fax

Storm Lake Plaza
1413 North Lake Avenue
P.O. Box 1307
Storm Lake, Iowa 50588
712.732.6655
712.732.7924 fax

MetaBank
Brookings Market

BROOKINGS MAIN OFFICE
600 Main Avenue
P.O. Box 98
Brookings, South Dakota 57006
605.692.2314
800.842.7452
605.692.7059 fax

MetaBank
Sioux Empire Market

SIOUX FALLS MAIN OFFICE
4900 South Western Avenue
P.O. Box 520
Sioux Falls, South Dakota 57101
605.338.0059
605.338.0155 fax

South Minnesota
2500 South Minnesota Avenue
P.O. Box 520
Sioux Falls, South Dakota 57101
605.977.7500
605.977.7501 fax

West 12th Street
2104 West 12th Street
P.O. Box 520
Sioux Falls, South Dakota 57101
605.336.8900
605.336.8901 fax

MetaBank
Central Iowa Market

CENTRAL IOWA MAIN OFFICE
Downtown Des Moines
418 Sixth Avenue, Suite 205
Des Moines, Iowa 50309
515.243.0630
515.447.4242 fax

Highland Park
3624 Sixth Avenue
Des Moines, Iowa 50313
515.288.4866
515.288.3104 fax

Ingersoll
3401 Ingersoll Avenue
Des Moines, Iowa 50312
515.274.9674
515.274.9675 fax

Jordan Creek
270 South 68th Street
West Des Moines, Iowa 50266
515.223.0440
515.223.0439 fax

Urbandale
4848 86th Street
Urbandale, Iowa 50322
515.309.9800
515.309.9801 fax

West Des Moines
3448 Westown Parkway
West Des Moines, Iowa 50266
515.226.8474
515.226.8475 fax

SOUTH DAKOTA

Brookings

Sioux Falls

metapay.com

META PAYMENT SYSTEMS AND
ADMINISTRATIVE OFFICES
Sioux Falls
5501 South Broadband Lane
Sioux Falls, South Dakota 57108
605.361.4347
866.550.6382
605.338.0604 fax

Omaha
4235 N 90th Street
Omaha, Nebraska 68134
402.573.0567
402.573.3360 fax

META TRUST
4900 South Western Avenue
P.O. Box 520
Sioux Falls, South Dakota 57101
605.782.1780
605.782.0721 fax

bankmeta.com

METABANK BUILDING
121 East Fifth Street
P.O. Box 1307
Storm Lake, Iowa 50588

Storm Lake

NEBRASKA

IOWA

Omaha

Urbandale

Des Moines
West Des Moines