Meta Financial in Sioux Falls, S.D., stands to profit from selling it name to a group affiliated with Facebook.
The $6.9 billion-asset company said in a press release Thursday that it expects rebranding expenses to total $15 million to $20 million – far less than the $60 million it will receive for changing its name.
Meta, which plans to rebrand as Pathward Financial, incurred $2.8 million in expenses during the first quarter tied to changing its name.
Meta received $50 million from the Facebook affiliate when it agreed to sell its name; the remaining money will be released after the phase-out is complete. The rebrand should be complete by the end of this year.