In its 10-k, MetaBank reports that its 2011 earnings fell 63 percent year-over-year.

Overall, earnings dipped from $12.4 million in 2010 to just $4.6 million in fiscal year 2011.

MetaBank attributes that performance to the problems in its MPS division. MPS is a (more…)

It looks as if thousands of former I-Advance customers are getting restitution payments this week.

In July, MetaBank announced that it had agreed with the OTS to provide approximately $4.8 million in restitution payments to its former i-advance customers.

The payments are being delivered through direct deposit on to MetaBank-issued prepaid cards. (more…)

MetaBank says that the Office of Thrift Supervision’s cease and desist order against the Iowa thrift resulted in an after-tax loss of $3.4 million. MetaBank was cited for a number of significant legal problems. The OTS said that MetaBank had engaged in unfair and deceptive practices in its i-advance credit program. The i-advance offered credit to holders of certain MetaBank-issued debit cards. When consumers (more…)

A large shareholder has decided to take its concerns about the share price of MetaBank to the public.

The SEC published a June 21st letter from Philadelphia Financial Management, a private equity firm from San Francisco, written to MetaBank’s Board of Directors. The letter seems to have no basis and (more…)

The Office of the Comptroller of the Currency (OCC) issued a proposed rule that will allow credit products to return to debit cards.

I have suspected that the credit issue was far from resolved. The Office of Thrift Supervision (OTS) issued a directive last fall that forced MetaBank to pull its i-advance product. I-advance was a short-term credit product offered to customers that attached a regular direct deposit to their debit cards. The costs were (more…)