The company said that the Utah Department of Financial Institutions has also approved its acquisition of Bonneville.
Bonneville Bancorp owns Bonneville Bank, an insured depository institution in Utah, with total assets of approximately $35.7m.
Green Dot will change the bank’s name to Green Dot Bank, which will issue the company’s prepaid cards under a variety of brand names.
Green Dot CEO Steve Streit said they are very appreciative of the regulators for the time they spent reviewing their application and understanding their purpose in acquiring Bonneville Bank. This acquisition will give them the flexibility to better control their own destiny, by allowing them to create products that best suit the needs of their current and future customers.
