The $6.7 billion-asset company
said in a press release Wednesday that it sold the loans to Central Bank in
Storm Lake, Iowa, earlier this month.
MetaBank has agreements in place to sell
another $161 million in loans, which would reduce the size of the portfolio to
less than $8 million.
About $108 million of loans in
the portfolio are considered substandard and doubtful, with $14.9 million
classified as nonaccrual loans. The portfolio represents about 39% of MetaBank’s
substandard and doubtful loans and 44% of its nonaccrual balances.
The community bank portfolio
had $486 million of loans a year earlier.
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