Bank to Create Greater Efficiencies, Greater Regulatory
Sustainability, and the Flexibility to Offer New Products and Services
Targeted to Broader Segments of Americans
MONROVIA, Calif., Dec 08, 2011 (BUSINESS WIRE) --
Green Dot Corporation (NYSE: GDOT), today completed its previously
announced acquisition of Bonneville Bancorp for $15.7 million in cash.
Bonneville Bancorp is the holding company of Bonneville Bank, a
single-office, FDIC-insured commercial bank located in Provo, Utah with
approximately $37 million in assets. The bank's official name will
change to Green Dot Bank, but the bank will continue to do business and
serve its loyal customer base under the name Bonneville Bank at
its current Provo, Utah location.
Green Dot will contribute approximately $14 million in cash to the bank
to provide an initial capital base for its expanded operations. Lewis
Goodwin will serve as CEO of Green Dot Bank. Mr. Goodwin joined Green
Dot in 2009 with more than 25 years experience in the banking industry.
Previously he led the banking operations for Daimler Chrysler Financial
Steve Streit, Chief Executive Officer of Green Dot, stated, "The
acquisition of Bonneville Bank will give Green Dot the ability to serve
broader segments of consumers with innovative banking and payment
solutions. Furthermore, the additional vertical integration provided
through this acquisition greatly mitigates the risks inherent in
the reliance on unaffiliated bank issuing partners. Our goal is to
become widely regarded by customers, consumer advocates, regulators, and
legislators as the most pro-consumer and most widely accessible
financial institution in America. The acquisition of the bank, when
added to our well-established technology, distribution, compliance, and
brand assets, creates a platform for innovation we believe to be
unmatched in the payments and banking space."
About Green Dot
Green Dot is a publicly traded (NYSE:GDOT) bank holding company
regulated by the Board of Governors of the Federal Reserve System.
The Company provides widely distributed, low cost banking and payment
solutions to a broad base of U.S. consumers. Green Dot's products and
services include its market leading category of General
Purpose Reloadable prepaid cards and its industry-leading cash transfer
network which are available directly to consumers online and through a
network of approximately 58,000 retail stores nationwide where 95% of
Americans shop. Green Dot is headquartered in the greater Los Angeles
area. For more details, visit www.greendot.com.
SOURCE: Green Dot Corporation
Green Dot Corporation
Christopher Mammone, 626-739-3942
Liz Brady, 646-277-1226