PASADENA, Calif.–(BUSINESS WIRE)–(NYSE:GDOT)
Upon receiving regulatory approval, Green Dot Corporation announced
today that it has entered into a definitive agreement with Bank of
America Merrill Lynch to purchase a total of $100 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 1.7 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 2019.
About Green Dot
Green Dot Corporation, [NYSE:GDOT], is a financial technology leader and
bank holding company with a mission to power the banking industry’s
branchless future. Enabled by proprietary technology and Green Dot’s
wholly-owned commercial bank charter, Green Dot’s “Banking as a Service”
platform is used by a growing list of America’s most prominent consumer
and technology companies to design and deploy their own bespoke banking
solutions to their customers and partners, while Green Dot uses that
same integrated technology and banking platform to design and deploy its
own leading collection of banking and financial services products
directly to consumers through one of the largest retail banking
distribution platforms in America. Green Dot products are marketed under
brand names such as Green Dot, GoBank, MoneyPak, RushCard, Insight and
RapidPay, and can be acquired through more than 100,000 retailers
nationwide, thousands of corporate paycard partners, several
“direct-2-consumer” branded websites, thousands of tax return
preparation offices and accounting firms, thousands of neighborhood
check cashing locations and both of the leading app stores. Green Dot
Corporation is headquartered in Pasadena, California, with additional
facilities throughout the United States and in Shanghai, China.
Contacts
Investor Relations
[email protected]
Media Relations
Brian Ruby, 203-682-8286
[email protected]
