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Thursday, August 11, 2011

Streit provides update on Bonneville Bancorp purchase

In the July 29 conference call to discuss Green Dot Corp.'s second quarter 2011 financial results, Chief Executive Officer Steve Streit provided an update on the Monrovia, Calif.-based prepaid card company's progress in becoming a bank holding company through the purchase of Bonneville Bancorp of Provo, Utah.

"Our legal team has been working nearly around the clock over the past few weeks in an effort to wrap up the final details needed to provide our regulators with all the final documentation needed to formally consider our application," Streit said.

"While the time frame for review and decision-making on our application has taken somewhat longer than we had originally anticipated, we remain optimistic for a successful outcome," he added. "Of course, there's certainly no guarantees on the application's approval, and we are still anticipating a decision later this summer. So as soon as we have an update, we'll let you know."

In March 2010, SellingPrepaid reported that Green Dot applied through the Federal Reserve Bank of San Francisco to become a bank holding company by acquiring Bonneville Bancorp. It has been reported that the acquisition price is approximately $15.6 million.

Bonneville Bank appears on a list published by the Federal Reserve Board as being exempt from the interchange cap provisions of the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act. end of article

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