Company has now repurchased $150 million of its Class A Common stock
since September of 2015
PASADENA, Calif.--(BUSINESS WIRE)--Mar. 13, 2017--
Green Dot Corporation [NYSE: GDOT] today announced that in March 2017 it
entered into a definitive agreement with Bank of America Merrill Lynch
to purchase a total of $50 million of its Class A common stock under an
accelerated stock repurchase transaction, with actual repurchase
activity under that agreement being subject to certain conditions that
have now been met.
Under the agreement, Green Dot will receive an initial delivery of
approximately 1.3 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 by September 2017.
With this transaction, Green Dot has now repurchased $150 million of its
Class A common stock since September of 2015 under its
previously-announced $150 million repurchase authorization.
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/20170313006396/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
