PASADENA, Calif.--(BUSINESS WIRE)--Mar. 13, 2017--
Green Dot Corporation (NYSE:GDOT) (the “Company”) and Harvest Capital
Strategies LLC (“Harvest”) today announced that the Company has invited
Jeffrey B. Osher to serve as an observer and advisor to the Company’s
Board of Directors (the “Board”). Mr. Osher is a Managing Director of
Harvest, one of the Company's largest long-term shareholders.
“With Steve’s leadership and operational, strategic and entrepreneurial
accomplishments, combined with Jeff’s experience as a long-term investor
in and knowledge of our company, I am confident that we will be well
positioned to further expand Green Dot’s terrific equity performance
over the past year and generate very positive future results,” said
William I. Jacobs, Green Dot’s independent Chairman.
Steven W. Streit, Green Dot’s Founder, Director and CEO, commented, “We
are excited to invite Jeff to serve as an advisor to our Board. Jeff's
firm, Harvest, and I, personally, are among the Company's largest
shareholders, and I expect our financial alignment will further serve to
enhance the Company’s significant progress over the past year. I am
truly excited for us all to work together in maximizing Green Dot’s
future prospects and building even greater long term value for all of
our fellow Green Dot shareholders.”
Jeffrey B. Osher said, “Guided by Steve’s successful leadership and
strategic vision, Green Dot has done an outstanding job methodically
executing against its Six-Step Plan. The solid financial performance has
resulted in market leading shareholder value creation over the past
year. Steve and his entire team should be gratified by their notable
accomplishments, and I believe Green Dot’s future is as bright as ever.
I am delighted to have the opportunity to work with Steve, Bill, and the
entire Board, and I am eager to help play a part as Green Dot continues
to deliver on its mission of building a great business that creates
meaningful shareholder value.”
Mr. Osher joined Harvest Capital Strategies LLC in August 2002 and is
the Managing Director and Portfolio Manager. Since January 2016, Mr.
Osher has served on the Board of Directors of the SEAL Family
Foundation. Mr. Osher holds a B.A. in Political Science and History from
Miami University of Ohio and is a CFA Charterholder.
Forward-Looking Statements
This announcement contains forward-looking statements, which are subject
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These statements include, among other things,
statements regarding the Company's future stock price and financial
performance contained in the quotes of management and others that
involve risks and uncertainties. Actual results may differ materially
from those contained in the forward-looking statements contained in this
announcement. The potential risks and uncertainties that could cause
actual results to differ from those projected include, among other
things, the timing and impact of revenue growth activities, the
Company's dependence on revenues derived from Walmart and three other
retail distributors, impact of competition, the Company's reliance on
retail distributors for the promotion of its products and services,
demand for the Company's new and existing products and services,
continued and improving returns from the Company's investments in new
growth initiatives, the extent to which the Company’s processing
technology partner covers the Company’s expenses and other losses
associated with the processor migration issues that began in May 2016
and have caused a delay in the Company’s processor migration until at
least the first half of 2017, potential difficulties in integrating
operations of acquired entities and acquired technologies, the Company's
ability to operate in a highly regulated environment, changes to
existing laws or regulations affecting the Company's operating methods
or economics, the Company's reliance on third-party vendors, changes in
credit card association or other network rules or standards, changes in
card association and debit network fees or products or interchange
rates, instances of fraud developments in the prepaid financial services
industry that impact prepaid debit card usage generally, business
interruption or systems failure, including any new issues that could
develop in connection with the Company's processor migration scheduled
to occur in the first half of 2017, and the Company's involvement
litigation or investigations. These and other risks are discussed in
greater detail in the Company's Securities and Exchange Commission
filings, including its most recent annual report on Form 10-K and
quarterly report on Form 10-Q, which are available on the Company's
investor relations website at ir.greendot.com
and on the SEC website at www.sec.gov.
All information provided in this announcement is as of March 13, 2017,
and the Company assumes no obligation to update this information as a
result of future events or developments.
About Green Dot
Green Dot Corporation, along with its wholly owned subsidiary bank,
Green Dot Bank, is a bank holding company regulated by the Board of
Governors of the Federal Reserve System and the Utah Department of
Financial Institutions. Green Dot is widely recognized as the inventor
of 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 leading financial technology
company and the largest processor of tax refund disbursements in the
U.S. through its wholly owned subsidiary, TPG. Green Dot is also a
leading provider of mobile banking with its GoBank checking account sold
at retailers nationwide and through integrated technology partners.
Green Dot's products and services are available to consumers through a
distribution network of more than 100,000 U.S. locations, as well as
online, in the leading app stores and through leading online tax
preparation providers. Headquartered in Pasadena, Calif., it has
additional facilities throughout the United States and in Shanghai,
China.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170313006364/en/
Source: Green Dot Corporation
For Green Dot Corporation
Investor Relations
626-765-2427
IR@greendot.com
or
Media
Relations
Brian Ruby, 203-682-8268
Brian.Ruby@icrinc.com