Sioux Falls, S.D., April 3, 2018 – MetaBank®; a wholly-owned subsidiary of Meta Financial Group, Inc.® (NASDAQ: CASH) (“Meta”) and a leader in delivering innovative payment, community banking and financing solutions to partners throughout the country, today announced a new, three-year agreement with Health Credit Services (“HCS”), a technology driven, patient financing company. MetaBank will approve and originate loans for elective procedures for HCS provider offices throughout the country. HCS will work with its provider partners to market the loans, as well as provide servicing for them. Over the course of this relationship, MetaBank expects to originate at least several hundred million dollars in personal loans.
“Health Credit Services is a creative, solutions-driven partner for thousands of medical patients throughout the country, and we couldn’t be more excited to work with them to deliver a seamless experience to those patients,” said Brent Turner, MetaBank Executive Vice President and Head of Consumer Lending. “We look forward to leveraging our origination and underwriting platform to help them grow, differentiate themselves in the healthcare financing industry and continue to serve these patients.”
This relationship is part of Meta’s continued investment in consumer lending, following the 2016 acquisition of Specialty Consumer Services (“SCS”), now a division of MetaBank. Through the acquisition, MetaBank acquired a platform that provides a total solution for marketplace lending, including underwriting and loan management. Since then, Meta has invested in additional personnel and technology enhancements to enrich its market offerings.
“In our rapidly evolving healthcare environment, modern consumers carry a financial burden of more than $486 billion in out-of-pocket costs,” said Hans Zandhuis, CEO of HCS. “MetaBank provides a platform that supports our unique product growth plans. Our partnership is expected to increase access to quality-of-life medical procedure financing, giving patients the opportunity to easily and responsibly manage their healthcare expenses.”
“At the core of HCS is our belief that more Americans should have access to the medical procedures they need,” continued Zanhuis. “It’s what drove us to found HCS. It’s also why we continue to specialize in only healthcare financing while committing ourselves to devising new ways for patients to afford care.”
About Meta Financial Group
Meta Financial Group, Inc. (“Meta”) is the holding company for MetaBank®, a federally chartered savings bank. Meta shares of common stock are traded on the Nasdaq Global Select Market® under the symbol CASH. Headquartered in Sioux Falls, S.D., MetaBank operates in both the Banking and Payments industries through: MetaBank, its community banking operation; Meta Payment Systems, its electronic payments division; AFS/IBEX, its commercial insurance premium financing division; and Refund Advantage, EPS Financial and Specialty Consumer Services, its tax-related financial solutions divisions. More information is available at metafinancialgroup.com.
About Health Credit Services
Health Credit Services (“HCS”) is on a mission to increase access to healthcare. At HCS, we recognize and empathize with the financial barriers to care that routinely impact providers and patients. The challenges of today impassion us to invest smart, simple financing solutions, while delivering a seamless customer experience. From practices delivering more care to patients successfully managing their health, we take pride in empowering and equipping our customers to take charge of both their physical and financial well-being. To learn more about HCS patient financing solutions, visit hcsloans.com.
Forward Looking Statements
This release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including, but not limited to, the statement regarding MetaBank’s expectation to originate at least several hundred million dollars in personal loans during the three-year term of the agreement with HCS and statements regarding anticipated impacts on HCS’s business resulting from the agreement with MetaBank, including with respect to HCS’s future growth, differentiation within the healthcare financing industry and increased patient access to medical procedure financing.. The accuracy of these statements are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Various factors could cause actual results to differ materially from those expressed or implied herein, including market demand for product and the factors discussed in Meta’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Meta 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 Meta or its subsidiaries.