Item 8.01 Other Events.
On
In connection with the BHC Conversion, the Company has also elected to become a financial holding company ("FHC"), as such term is defined in the Bank Holding Company Act, as of the effective date of the BHC Conversion. An FHC may, subject to regulatory requirements, engage in certain financial activities that are not otherwise permissible for a BHC, including securities underwriting and dealing, insurance agency and underwriting activities, and merchant banking activities.
Prior to the consummation of the Bank Conversion, the Bank operates as a federal savings bank. Following the consummation of the Bank Conversion, the legal name of the Bank will become "MetaBank, National Association" and the Bank will no longer be subject to qualified thrift lending requirements.
Neither the Bank Conversion nor the BHC Conversion will result in any change in the capital, business, headquarters, management or board of directors of the Bank or the Company.
A copy of the press release issued by the Company on
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description of Exhibit 99.1 Press Release ofMeta Financial Group, Inc. , datedMarch 31, 2020
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