Meta Financial in Sioux Falls, S.D., will rebrand next year after selling its Meta-related rights and trademarks to another company.
The $6.7 billion-asset Meta disclosed in a regulatory filing Monday that it agreed on Dec. 7 to sell the rights to Beige Key LLC for $60 million. As part of the agreement, Meta will phase out and cease all use of the “Meta” brand.
Beige Key is affiliated with Facebook, which announced in late October that it had changed its corporate name to Meta Platforms.
Meta has a year to change its corporate name. The company received $50 million when the agreement was signed; the remaining money will be released after the phase-out has been completed.
Meta said it plans to use a portion of the proceeds to cover the cost of implementing a new corporate mark and name. The company plans to give an estimate of rebranding costs when it announces quarterly results next month.
Any remaining proceeds will be used for a variety of purposes, which could include tax-efficient capital allocation.