PASADENA, Calif.--(BUSINESS WIRE)--Green Dot Corporation [NYSE: GDOT] today announced that in March 2017 it entered into a definitive agreement with Bank of America Merrill Lynch to purchase a total of $50 million of its Class A common stock under an accelerated stock repurchase transaction, with actual repurchase activity under that agreement being subject to certain conditions that have now been met.
Under the agreement, Green Dot will receive an initial delivery of approximately 1.3 million shares. The final number of shares to be repurchased and the aggregate cost per share to Green Dot will be based on Green Dot’s volume-weighted average stock price during the term of the transaction, which is expected to be completed by September 2017.
With this transaction, Green Dot has now repurchased $150 million of its Class A common stock since September of 2015 under its previously-announced $150 million repurchase authorization.
About Green Dot
Green Dot Corporation, along with its wholly owned subsidiary bank, Green Dot Bank, is a bank holding company regulated by the Board of Governors of the Federal Reserve System and the Utah Department of Financial Institutions. Green Dot is widely recognized as the inventor of the prepaid debit card industry and is the largest provider of reloadable prepaid debit cards and cash reload processing services in the United States. Green Dot is also a leading financial technology company and the largest processor of tax refund disbursements in the U.S. through its wholly owned subsidiary, TPG. Green Dot is also a leading provider of mobile banking with its GoBank checking account sold at retailers nationwide and through integrated technology partners. Green Dot's products and services are available to consumers through a distribution network of more than 100,000 U.S. locations, as well as online, in the leading app stores and through leading online tax preparation providers. Headquartered in Pasadena, Calif., it has additional facilities throughout the United States and in Shanghai, China.