Repurchases to Take Place under Accelerated Share Repurchase Program
PASADENA, Calif.--(BUSINESS WIRE)--Sep. 3, 2015--
Green Dot Corporation (NYSE:GDOT), today announced that it recently
received regulatory approval for its previously-announced $150 million
share repurchase authorization. Green Dot also announced that it had
entered into a definitive agreement with Bank of America Merrill Lynch
to purchase a total of $40 million of its Class A common stock under an
accelerated stock repurchase transaction. Under the agreement, Green Dot
will receive an initial delivery of approximately 1.8 million shares.
The final number of shares to be repurchased and the aggregate cost per
share to Green Dot will be based on Green Dot’s volume-weighted average
stock price during the term of the transaction, which is expected to be
completed in early 2016.
The definitive agreement with Bank of America Merrill Lynch is part of
the $150 million share repurchase program previously authorized by Green
Dot’s Board of Directors. As of September 3, 2015, before giving effect
to the transaction under the agreement, no shares had been repurchased
under the share repurchase program.
About Green Dot
Green Dot Corporation, along with its wholly owned subsidiary
bank, Green Dot Bank, is a pro-consumer financial technology innovator
with a mission to reinvent personal banking for the masses. Green Dot
invented the prepaid debit card industry and is the largest provider of
reloadable prepaid debit cards and cash reload processing services
in the United States. Green Dot is also a leader in mobile technology
and mobile banking with its award-winning GoBank mobile checking
account. Through its wholly owned subsidiary, TPG, Green Dot is
additionally the largest processor of tax refund disbursements in the
U.S. Green Dot's products and services are available to consumers
through a large-scale "branchless bank" distribution network of more
than 100,000 U.S. locations, including retailers, neighborhood financial
service center locations, and tax preparation offices, as well as
online, in the leading app stores and through leading online tax
preparation providers. Green Dot Corporation is headquartered
in Pasadena, Calif., with additional facilities throughout the United
States and in Shanghai, China.
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Source: Green Dot Corporation
For Green Dot Corporation
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Mammone, 626-765-2427
IR@greendot.com
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