STORM LAKE, Iowa, April 3, 2008 /PRNewswire-FirstCall/ -- Meta
Financial Group, Inc. (Nasdaq: CASH) reported today that it has completed
its NASDAQ delisting hearing in Washington, DC. NASDAQ Staff stated in a
hearing memorandum dated March 26, 2008 that it would not object to the
Hearing Panel providing the Company with an extension of time to enable it
to regain compliance with the NASDAQ filing requirements, noting that the
Company had no previous compliance concerns in its 15 year reporting
history, and further noting its belief that the Company is working
diligently to remedy the filing delinquency. Such an extension, if granted
by the Panel, would prevent the Company's delisting for a period up to 90
days, by which time the Company expects to have regained compliance. The
Panel is expected to render its decision within the next 30 days. The
Company had earlier reported that it automatically became subject to a
potential delisting when it missed its quarterly report filing deadline.
MFG operates thirteen bank branches through its MetaBank subsidiary
which are located in: Brookings (1) and Sioux Falls (4), South Dakota; and
Storm Lake (2) and Des Moines (6), Iowa. At September 30, 2007, MFG had
assets of $686.1 million and shareholders' equity of $48.1 million. The
company's stock is traded on the Nasdaq Global Market.
Corporate Profile: Meta Financial Group, Inc. (doing business as Meta
Financial Group) is the holding company for MetaBank and Meta Trust
Company(R). MetaBank is a federally-chartered savings bank with four market
areas: Northwest Iowa Market, Brookings Market, Central Iowa Market, Sioux
Empire Market; and the Meta Payment Systems(R) prepaid debit card division.
Thirteen banking offices support customers throughout northwest and central
Iowa, and in Brookings and Sioux Falls, South Dakota.
The Company and its wholly-owned subsidiaries, MetaBank and Meta Trust
Company, may from time to time make written or oral "forward-looking
statements," including statements contained in this release and in its
filings with the Securities and Exchange Commission, in its reports to
shareholders, and in other communications by the Company, which are made in
good faith by the Company pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the
Company's beliefs, expectations, estimates and intentions that are subject
to significant risks and uncertainties, and are subject to change based on
various factors, some of which are beyond the Company's control. Such
statements address the following subjects: future operating results;
customer growth and retention; loan and other product demand; earnings
growth and expectations; new products and services, such as those offered
by the Meta Payment Systems division; credit quality and adequacy of
reserves; technology; and our employees. The following factors, among
others, could cause the Company's financial performance to differ
materially from the expectations, estimates, and intentions expressed in
such forward-looking statements: the strength of the United States economy
in general and the strength of the local economies in which the Company
conducts operations; the effects of, and changes in, trade, monetary, and
fiscal policies and laws, including interest rate policies of the Federal
Reserve Board; inflation, interest rate, market and monetary fluctuations;
the timely development of and acceptance of new products and services of
the Company and the perceived overall value of these products and services
by users; the impact of changes in financial services laws and regulations;
technological changes; acquisitions; litigation; changes in consumer
spending and savings habits; the success of the Company at managing and
collecting assets of borrowers in default and managing risks involved in
its litigation; and the results of the Company's investigation into an
alleged defalcation by a former employee and other matters.
The foregoing list of factors is not exclusive. Additional discussion
of factors affecting the Company's business and prospects is contained in
the Company's periodic filings with the SEC. The Company does not
undertake, and expressly disclaims any intent or obligation to update any
forward-looking statement, whether written or oral, that may be made from
time to time by or on behalf of the Company.
SOURCE Meta Financial Group, Inc.
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Related links:
http://www.metacash.com
CONTACT:
Investor Relations of Meta Financial Group,
Inc., +1-712-732-4117
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