By Colin Kellaher
Green Dot Corp. on Tuesday said it is dropping plans to buy the tax-refund solutions segment of Republic Bancorp Inc.'s Republic Bank & Trust Co. unit after the Federal Reserve didn't sign off on the deal.
In a brief filing with the U.S. Securities and Exchange Commission, Green Dot said that it has been unable to obtain the Fed's approval of or nonobjection to the transaction, and that the deal won't go through.
The Pasadena, Calif., financial-technology and registered bank holding company had previously said it expected to complete the $165 million cash transaction in the fourth quarter.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires