2 0 1 1 s u m m a r y a n n u a l r e p o r t
Company Profile
Meta Financial Group, Inc. (MFG) is the holding company
for MetaBank, a federally chartered savings bank.
Headquartered in Storm Lake, Iowa, its primary banking
businesses are deposits, loans and other financial products
and services to meet the needs of its commercial, agricultural
and retail customers and MetaBank’s electronic payments
division, Meta Payment Systems (MPS).
MFG shares are traded on the NASDAQ Global Market®
under the symbol “CASH.” MFG operates under a super-
community banking philosophy that allows the company
to grow while maintaining its community bank roots, with
localized decision making and customer service.
MetaBank operates twelve bank offices in four market
areas: Northwest Iowa; Central Iowa; Brookings, South Dakota
and Sioux Empire, South Dakota. During fiscal 2011, MPS
managed four primary business lines: prepaid cards, credit
products, Automated Teller Machine (ATM) sponsorship and
Automated Clearing House (ACH) origination.
MetaBank is a Member FDIC and an Equal Housing Lender.
The Company and MetaBank exceed regulatory capital requirements.
meta financial
group, inc.®
metabank™
retail bank
meta payment systems®
northwest iowa
market
central iowa market
brookings market
sioux empire market
Statements made in this summary annual report which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation
Reform Act of 1995. This includes any statements regarding management’s plans, objectives, or goals for future operations, products or services, and forecasts
of its revenues, earnings, or other measures of performance. Forward-looking statements are based on current management expectations and, by their nature,
are subject to risks and uncertainties. These statements may be identified by the use of words such as “believe”, “expect”, “anticipate”, “plan”, “estimate”, “should”,
“will”, “intend”, or similar expressions. Outcomes related to such statements are subject to numerous risk factors and uncertainties including those listed in
MFG’s Form 10-K for the year ended September 30, 2011.
Financial Highlights
1
(Dollars in Thousands, Except Share and Per Share Data)
2011
2010
2009
2008
2007
at september 30
Total assets
Total loans, net
Total deposits
Stockholders’ equity
Book value per common share
Total equity to assets
$ 1,275,481
314,410
1,141,620
80,577
25.61
6.32%
$
$ 1,029,766
366,045
897,454
72,044
23.15
7.00%
$
$ 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%
$
for the fiscal year
Total interest income / noninterest income-cont. 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)
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
$
$
96,550
34,312
4,640
-
4,640
1.49
-
1.49
0.41%
0.41%
5.71%
5.71%
3.21%
$ 136,527
33,090
12,393
-
12,393
$ 116,695
27,819
(1,463)
-
(1,463)
$
4.11
-
4.11
$
(0.56)
-
(0.56)
$
$
75,114
24,003
(1,834)
811
(1,023)
$ 59,632
20,807
1,312
(141)
1,171
(0.69)
0.31
(0.38)
$
0.50
(0.05)
0.45
1.22%
1.22%
20.59%
20.59%
3.43%
-0.20%
-0.20%
-3.13%
-3.13%
3.50%
-0.14%
-0.24%
-2.27%
-4.07%
3.51%
0.17%
0.19%
2.69%
3.01%
3.38%
total assets
In Millions
total loans, net
In Millions
total Deposits
In Millions
total revenues
In Millions
total net incoMe (loss)
In Millions
5
.
5
7
2
1
$
,
.
8
9
2
0
1
$
,
8
.
4
3
8
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2
.
0
1
7
$
.
1
6
8
6
$
.
9
7
2
4
$
.
6
1
9
3
$
6
.
5
5
3
$
0
.
6
6
3
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4
.
4
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3
$
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4
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5
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(
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0
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(
$
’11 ’10 ’09 ’08 ’07
’11 ’10 ’09 ’08 ’07
’11 ’10 ’09 ’08 ’07
’11 ’10 ’09 ’08 ’07
’11 ’10 ’09 ’08 ’07
This summary annual report highlights information contained in MFG’s Form 10-K for the year ended September 30, 2011 and does not contain all of the
information you should consider in making investment decisions with respect to MFG’s common stock. you are urged to read the entire Form 10-K, including
the consolidated financial statements and the related notes and the information set forth under the headings “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations.”
Meta Financial Group 2011 SuMMARy ANNuAL REPORT
Letter to Stockholders
Financial highlights and
major developments including
regulatory matters
I am pleased to report that Meta
Financial Group net income for
fiscal year 2011 was $4.6 million,
or $1.49 per share, the second best
in our history, a notable achieve-
ment given the harsh conditions
prevailing in the banking industry
and the national economy, and
considering certain unusual events
that I discuss in some detail below.
As we have reported, the year’s
overall results were adversely affected
by a required (non-cash) write down
of $1.5 million in goodwill, settle-
ment expense of $1.6 million involv-
ing a class action lawsuit related to
the purported sale of Certificates
of Deposit, and reimbursement
to our iAdvance borrowers, plus
penalties, totaling $5.2 million
required by our banking regulator,
and legal and consulting expenses of
$1.8 million related to these matters.
Our “Core Earnings” were $3.78
per share, calculated as net income
per Generally Accepted Accounting
Principles, adjusted for regulatory
enforcement assessments, the good-
will write off, legal and consulting
expenses related to regulatory mat-
ters, the impact of discontinuing the
iAdvance and tax products programs,
and the impact of the CDs class
action settlement.
Revenues from continuing
operations for the fiscal year were
$96.6 million, lower than our
record year in fiscal 2010, due
primarily to the termination of
our iAdvance credit product and
certain income-tax related programs
offered by MetaBank’s Meta Payment
Systems (MPS) division. We were,
however, able to grow other existing
MPS product programs, and taken
together with continuing cost
control, we were able to partially
offset the costs related to the
discontinuance of these products.
We said in last year’s report that,
despite the challenges facing us, we
felt both MPS and the Retail Bank
Division had the resiliency to achieve
retail bank interest
bearing checking
in millions
.
2
1
3
$
.
0
0
3
$
.
6
5
1
$
.
0
5
1
$
2
.
6
1
$
’11 ’10 ’09 ’08 ’07
“…MPS and the Retail Bank Division had the
resiliency to achieve standalone
profitability in 2011.”
2 / 3
metabank non-performing assets
as a percentage of total assets
%
6
7
1
.
%
4
2
1
.
%
4
9
0
.
%
6
0
1
.
%
8
3
.
0
’11 ’10 ’09 ’08 ’07
stand-alone profitability in 2011.
That was indeed the case. Book
value at 2011 fiscal year-end grew
$8.6 million, to $25.61 per share.
Tangible book value for the same
period amounted to $25.19 per share,
an increase of $2.89, or nearly 13%,
above the prior year. Stockholders’
equity was $ 80.6 million, up 11.8%
from $72.0 in fiscal 2010.
After nearly a year of intensive
work by our management team
and outside legal and consulting
specialists, we believe we have made
substantial progress in improving
those aspects of our MPS activities
that were the subject of regulatory
criticism. And our efforts continue
under the supervision of our new
federal financial regulators, the
Office of the Comptroller of the
Currency (OCC), which now
supervises MetaBank, and the
Board of Governors of the Federal
Reserve System (the Federal
Reserve), which now supervises
Meta Financial Group.
We expect that we will experi-
ence reduced expenses in legal
and consulting costs in fiscal 2012,
returning to what we consider to
be more normal levels and thus
helping our efficiency ratios and
the bottom line.
improved efficiencies
Counterintuitive as it may seem,
persistent review of costs goes hand
in hand with effective customer
service. The more accomplished
our bankers are at perceiving the
true needs of customers, the more
successful they will be in serving our
customers with a precisely balanced
combination of skills and services.
Our bankers apply technology,
including automation, to perform
tasks that are altogether essential
to the banking experience, even
if those tasks do not “touch”
the customer on a personal level.
We carefully track industry trends,
and our goal is to be near the
forefront as practical solutions
are found to implement new capa-
bilities. Importantly, though, our
objectives encompass efforts to
lower costs while improving
efficiency, and in that connection
we saw a reduction of 6% in our full
time staffing during fiscal 2011. The
resulting reduction in compensation
and overhead expense was accom-
plished despite higher than usual
costs for regulatory compliance
and related matters.
Meta payment systems
$3.9 million net income
Despite considerable adversity
due to the previously discussed
regulatory actions, MPS was again
profitable for the sixth consecutive
year in fiscal 2011. While our net
earnings of $3.9 million showed a
steep decline from $12.6 million in
the prior period, our Core Earnings,
defined above, increased significantly
to $8.6 million from $2.4 million in
2010. Even though MPS’ non-interest
income decreased by $39.7 million
in 2011, noninterest expenses
decreased by $15.3 million and
loan loss provision expense declined
by $11.8 million, thus offsetting
much of the lower revenue impact.
MPS 2011 revenue decreased by
39%, from $106.5 million in fiscal
2010 to $65.2 million in 2011. The
revenue declines were due primarily to
the aforementioned discontinuance
Meta Financial Group 2011 SuMMARy ANNuAL REPORT
“…loan volume increased in the fourth quarter…”
of the iAdvance and certain income
tax-related programs.
Total expenses were reduced by
35% from 2010, partially offsetting
the decline in revenue. While card fee
income decreased by $39.6 million in
2011, we were able to substantially
offset this decrease through a com-
bination of reducing card processing
expenses by $15.0 million and lower
loan loss provision expenses by
$11.8 million.
Once again in 2011, Meta
Financial Group benefitted from
the impressive generation of
non-interest bearing deposits
by MPS. And, while these funds
could certainly be more effectively
leveraged in a strong lending
environment or a higher rate
environment, we nevertheless
metabank low-cost
Deposit balances
in millions
.
9
3
1
0
1
$
,
.
6
0
4
7
$
.
0
7
6
3
$
.
0
6
5
3
$
.
6
7
9
4
$
FunDinG sources
wholesale
borrowings: 2%
savings: 1%
wholesale
borrowings: 4% savings: 1%
money markets: 3%
certificates: 10%
money markets: 4%
certificates: 15%
checking: 82%
checking: 74%
2011
2010
benefit from investing them, albeit
at historically low current interest
levels. When rates increase, as we
expect they will over time, we
believe these invested funds will
produce substantially higher returns.
MetaBank retail Banking
Division $930K net income
We are gratified to once again report
that MetaBank, our community
bank serving the Iowa and South
Dakota markets, was profitable in
fiscal 2011. Excluding the goodwill
adjustment and the settlement of
the CD related class action lawsuit
mentioned earlier, net income for
the retail bank was $ 3.4 million.
lending
because applications for loans
from borrowers with solid credit
were below the levels needed to
maintain or grow the size of our
portfolio. Without question, this
is a direct result of the economic
conditions our country is experienc-
ing. However, this trend seems to
be changing as our loan volume
increased in the fourth quarter
of fiscal 2011; we believe we will
benefit from a return to moderate
growth in lending in fiscal 2012.
Our position at MetaBank is
that we are lenders who are actively
seeking qualified borrowers. We
are always ready to extend timely
credit to such applicants. With our
non-performing assets well below
industry averages, we expect to
continue our practice of making
every good loan possible. Simply
stated, we believe in the communi-
ties we proudly serve.
’11 ’10 ’09 ’08 ’07
Loan volume at the Retail Bank
was lower than the prior year
“MetaBank continues to meet and exceed
all federal regulatory capital requirements…”
4 / 5
culture
MetaBank is in the process of
further improving its sales and
marketing culture through a new
and comprehensive project launched
in mid-September 2011 at an
all-employee gathering. Designed
to enhance the ability of our bankers
to succeed in a dynamic competitive
environment, we believe our pro-
prietary program will sharpen
customer service and motivate
employees in three key areas to
a high level of excellence that we
hope will ultimately produce
growth to the Meta Financial
Group bottom line.
• First, our bankers created a
new, overarching objective that
customers have a certain clear
mps non-interest income
in millions
2
.
3
9
$
.
4
7
7
$
5
.
3
5
$
.
6
5
1
$
8
.
4
3
$
’11 ’10 ’09 ’08 ’07
conviction – “I love my bank!”
• Second, crisply defined service
standards have been established
at each customer “touch point.”
• Third, our bankers have commit-
ted themselves to a demanding
set of personalized professional
standards.
This long-term project is a major
component in our effort to ensure
MetaBank is better positioned for
continued growth and success.
asset Quality
Though the level of our non-
performing assets grew by $6.2
million from 2010 to 2011, our
asset quality remains strong by
industry standards. Only approxi-
mately 1.2 % of our assets are
non-performing. We contrast
the quality of our assets against
industry levels of non-performing
assets of nearly 3%. The Bank’s
loan quality led to dramatically
lower loan loss provision require-
ments when compared to the prior
year. Although, our foreclosed
real estate and repossessed assets
increased to $2.7 million from
2010 to 2011. The majority of
this increase was the result of our
Company foreclosing on a $2.0
million agricultural loan. We expect
no loss related to this foreclosed
property.
capital
At September 30, 2011, MetaBank
met and exceeded all federal
regulatory capital requirements to
remain classified as a well-capital-
ized institution under applicable
regulations. MetaBank’s Tier 1
(core) capital to adjusted total assets
was 6.4% at September 30, 2011,
compared to a well-capitalized
requirement of 5.0%, its total
capital to risk-weighted assets ratio
was 20.1% compared to the 10.0%
requirement, and MetaBank’s Tier 1
(core) capital to risk-weighted assets
ratio was 19.0% compared to the
6.0% requirement.
changes in leadership
With a mixture of pride, gratitude
and sadness, I want to comment
on the previously announced
resignation of our long-time
Chairman, Jim Haahr. As I said
at the time of the announcement
in September, I cannot be the
most objective person in recount-
ing the record of the remarkable
executive and gentleman, but
I will nevertheless take this
opportunity to put this milestone
Meta Financial Group 2011 SuMMARy ANNuAL REPORT
“…it is Jim who is owed much of
the credit for our success.”
in amplified roles in the Meta
Financial Group organization.
Following Jim’s resignation,
I was elected to the additional
position of Chairman, while remain-
ing in my roles as President and CEO.
in closing
I want to express sincere gratitude
to our partners, customers, stock-
holders, employees, and manage-
ment for their steadfast support
throughout this challenging year.
With their understanding, we were
able to remain profitable and emerge
as a stronger organization. With
the excellent guidance of our Board,
I believe we can continue to build
our franchise value, and that we
have the tools, the expertise, and
the necessary strong leadership
personnel in place to succeed.
J. tyler haahr
Chairman of the Board, President and CEO
December 20, 2011
event in perspective as best I can.
For more than a half century,
Jim has earned impeccable creden-
tials in our industry. He is known
coast to coast for his contributions
to banking and for his noteworthy
influence on the course of national
and regional community banking.
Of greatest importance to our
owners, it is Jim who is owed
much of the credit for our success.
Captaining the institution from its
days as a small mutual savings and
loan association through its initial
public offering as a publicly-traded
holding company and beyond,
Jim’s integrity, perception and
foresight are the principal attributes
underlying each step of our growth.
Our board, our management and
employees, not least of them the
undersigned, deeply appreciate his
enormous contributions and what
we all believe will be his lasting
influence on our future.
E. Thurman Gaskill, an indepen-
dent director currently serving in
his 30th year on our Board, was
named Meta Financial Group’s first
Lead Director. He was also named
Vice Chairman. In addition, EVP
and Chief Operating Officer Troy
Moore was named to the Board of
Directors of both MetaBank and
Meta Financial Group. We are most
fortunate to have both men serving
Investor Information
annual Meeting of stockholders
independent auditors
Form 10-K
The Annual Meeting of Stockholders will
convene at 1:00 pm on Monday, January
30, 2012. The meeting will be held in the
Board Room of MetaBank, 121 East Fifth
Street, Storm Lake, Iowa. Further informa-
tion 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
KPMG LLP
2500 Ruan Center
666 Grand Avenue
Des Moines, Iowa 50309
stockholder services
Stockholders 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, 2011 (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
Sales, Marketing & Investor Relations
Meta Financial Group, Inc.
121 East Fifth Street
P.O. Box 1307
Storm Lake, Iowa 50588
Telephone: 712.732.4117
Email: invrelations@metabank.com
Web site: www.metafinancialgroup.com
6 / 7
Dividend and Stock Market Information
Meta Financial Group’s common stock trades on the NASDAQ Global Market® under the
symbol “CASH.” Quarterly dividends for 2011 and 2010 were $0.13. The price range of the
common stock, as reported on the NASDAQ System, was as follows:
Fiscal Year 2011
low
HiGH
Fiscal Year 2010
low
HiGH
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
$ 12.63
$ 33.23
$ 20.45
$ 23.76
13.85
13.22
17.14
18.50
19.05
22.30
17.40
24.97
29.28
25.25
32.67
36.72
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 14 of
the Notes to Consolidated Financial
Statements included in our Annual
Report on Form 10-K.
As of September 30, 2011, Meta
Financial Group had 3,146,867 shares
of common stock outstanding, which
were held by approximately 200 stock-
holders of record, and 485,352 shares
subject to outstanding options. The
stockholders of record number does
not reflect approximately 800 persons
or entities that hold their stock in
nominee or “street” name.
›› comparison of cumulative total return of Meta Financial Group
(NASDAQ symbol: CASH, broad market and industry index)
For five fiscal years commencing October 1, 2006 and ending September 30, 2011.
200
150
100
50
0
NASDAQ Market Index
Meta Financial Group, Inc.
Morningstar Index1
Morningstar/Hemscott
Index2
Market Makers for Meta Financial Group
(nasDaQ: “casH”) as of september 30,
2011:
• uBS Securities LLC
• Knight Capital Americas, L.P.
• Wedbush Securities Inc.
• Trade Manage Capital, Inc.
• TD Ameritrade Clearing, Inc.
• Morgan Stanley & Co. LLC
• Citadel Securities LLC
2006
2007
2008
2009
2010
2011
Historical stock price performance shown on the graph is not necessarily indicative of future price performance.
1Morningstar Savings & Cooperative Banks (219 companies)
2Morningstar/Hemscott Savings & Loans (224 companies), discontinued in 2010
Meta Financial Group 2011 SuMMARy ANNuAL REPORT
Board of Directors / Senior Officers
8
BoarD oF Directors
senior oFFicers
J. tyler Haahr
Chairman of the Board, President and
Chief Executive Officer of Meta Financial
Group and MetaBank
J. tyler Haahr
Chairman of the Board, President and
Chief Executive Officer of Meta Financial
Group and MetaBank
e. thurman Gaskill
Vice Chairman of the Board and
Lead Director of Meta Financial Group
and MetaBank
Iowa State Senator (1998 - 2008) and
Grain and Livestock Farming Operation
Owner
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
troy Moore
Executive Vice President and
Chief Operating Officer of Meta Financial
Group and MetaBank
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
troy Moore
Executive Vice President and
Chief Operating Officer of
Meta Financial Group and MetaBank
Brad c. Hanson
Executive Vice President of Meta Financial
Group and MetaBank and President of
Meta Payment Systems Division
David w. leedom
Executive Vice President, Secretary,
Treasurer and Chief Financial Officer
of Meta Financial Group
Jim accordino
Senior Vice President, Business
Development and Partner Services
of Meta Payment Systems Division
ron Butterfield
Senior Vice President and Chief of Staff
of Meta Payment Systems Division
Michael conlin
Senior Vice President of Agent Products
of Meta Payment Systems Division
Jeanne partlow
Retired Chairman of the Board and
President of Iowa Savings Bank
John de lavis
Senior Vice President of Operations of
Meta Payment Systems Division
John Hagy
Senior Vice President and
Chief Legal Officer
sandra K. Hegland, spHr
Senior Vice President,
Director of Human Resources
Barbara Koopman
Senior Vice President of
Retail Bank Operations
troy larson
Senior Vice President of
Information Services
ellen Moore
Senior Vice President,
Director of Sales & Marketing
steven G. patterson
Chief Lending Officer and President
of MetaBank Central Iowa Market
timothy peters
President of MetaBank Brookings Market
Grant rogers
Senior Vice President of Business
Development and Sales of Meta Payment
Systems Division
Jeanni stahl
Senior Vice President,
Third Party Risk and Compliance
Merid eshete, crp
Senior Vice President and Chief Risk Officer
ira Frericks
Senior Vice President and
Chief Accounting Officer
Kathy M. thorson
President of MetaBank
Sioux Empire Market
Jon w. wilcke
President of MetaBank
Northwest Iowa Market
Meta Financial Group 2011 SuMMARy ANNuAL REPORT
Meta paYMent sYsteMs
metapay.com
sioux Falls
5501 South Broadband Lane
Sioux Falls, South Dakota 57108
605.361.4347
866.550.6382
605.338.0604 fax
Meta Financial Group
Meta Financial Group
metafinancialgroup.com
MetaBanK
metabank.com
MetaBank Building
121 East Fifth Street
P.O. Box 1307
Storm Lake, Iowa 50588
›› 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
›› 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
3455 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
›› 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
›› sioux eMpire MarKet
sioux Falls Main office
4900 South Western Avenue
Sioux Falls, South Dakota 57108
605.338.0059
605.338.0155 fax
south Minnesota
2500 South Minnesota Avenue
Sioux Falls, South Dakota 57105
605.977.7500
605.977.7501 fax
west 12th street
2104 West 12th Street
Sioux Falls, South Dakota 57104
605.336.8900
605.336.8901 fax
2 0 1 1 s u m m a r y a n n u a l r e p o r t
metafinancialgroup.com