Pathward Financial, Inc. - CASH STOCK NEWS

Meta Financial Group, Inc. (Nasdaq: CASH) will release its financial results for Q2 FY 2022 on April 28, 2022, after market close. A conference call and earnings webcast will take place at 4:00 p.m. CT to discuss these results. Interested participants can call 1-844-200-6205 or join via webcast from the company’s Investor Relations website. Additionally, the company is transitioning its name to Pathward Financial, Inc. by the end of the calendar year, enhancing its focus on financial inclusion.

Kora, a fintech serving college students, has launched the Kora Rewards program in partnership with Cardlytics. Users can earn up to 10% cash back when shopping with the KoraCard at various brands. This feature aims to enhance financial management for students, who have limited options for financial rewards. The Kora app also includes KoraCoach for financial education and KoraCash for flexible financing between $25 and $2000. This initiative aligns with Kora's mission to improve financial literacy among students.

Advantage Payment Services (APS) has secured a strategic investment from MetaBank, enhancing its dispute management solutions for the fintech sector. APS, a leader in financial data management, aims to integrate advanced AI and Machine Learning into its Dispute Advantage platform, improving compliance and operational efficiency. This partnership is expected to elevate industry standards in dispute case management. With over two decades of experience, APS is set to leverage MetaBank's expertise to streamline technology development for evolving regulatory demands.

MetaBank, a financial empowerment company, is rebranding to Pathward, aiming to enhance financial inclusion. This change follows strategic acquisitions and a comprehensive brand strategy review. The transition will occur by the end of the year, including a new brand identity and website. Meta Financial Group, the holding company for MetaBank, will also adopt the name Pathward Financial. CEO Brett Pharr emphasized the company’s commitment to removing barriers for the unbanked and underserved, reinforcing the mission to provide economic mobility.

ACE Cash Express, part of Populus Financial Group, has successfully raised over $53,000 for the nonprofit Homes For Our Troops (HFOT) through its "Chip in for Charity" program. This initiative, launched in August 2020, allows customers to donate automatically via their ACE Flare® Account by MetaBank® debit cards. In the first year, customers raised $39,490 for HFOT, and ACE contributed an additional $5,000. The funds support building specially adapted homes for injured veterans. The Give A Little Campaign raised $9,508 more, showcasing ACE's commitment to community support.

Meta Financial Group, Inc. (NASDAQ: CASH) announced a cash dividend of $0.05 per share for the second fiscal quarter of 2022. This dividend will be payable on April 1, 2022, to shareholders of record as of March 10, 2022. As of December 31, 2021, the Company reported total assets of $7.61 billion and shareholders' equity of $826.2 million.

H&R Block and MX have launched the Spruce mobile banking platform aimed at increasing financial inclusion. The platform enhances consumer experience by providing insights into spending habits and financial management. With the support of MetaBank, Spruce offers transparency in managing money and reaching financial goals. Over 30% of Americans would struggle to cover an unexpected $400 expense, demonstrating the need for better financial tools. This partnership aims to empower users in their financial journeys.

Meta Financial Group, Inc. (CASH) reported a strong fiscal 2022 Q1, with net income of $61.3 million ($2.00 per share), up from $28.0 million ($0.84 per share) YoY. The company recognized a $50 million gain from the sale of its Meta names and trademarks, while adjusted net income was $23.9 million ($0.78 per share). Revenue surged 42% to $158.2 million, mainly due to this gain. The firm also completed the sale of $192.5 million in community bank loans, finishing that portfolio's wind-down. The outlook remains positive as it embarks on a rebranding strategy.

On January 26, 2022, Freedom Financial Network announced the successful closing of a $232.89 million securitization of FreedomPlus personal loans, which was 3.5 times oversubscribed and received AAA ratings from both DBRS Morningstar and Kroll Bond Rating Agency. This is the first securitization for Freedom with an AAA rating from DBRS. The transaction, part of the FREED ABS Trust 2022-1FP, highlights the growing demand for FreedomPlus loans, which aim to assist consumers in consolidating debt. Total loan originations via FFAM exceed $6.1 billion.