Green Dot Buys Walmart-Branded Prepaid Cards

By PYMNTS | June 10, 2013

Green Dot is acquiring GE Bank’s Walmart-branded reloadable prepaid cards, according to an SEC filing.

Per the agreement, Green Dot Bank will assume certain liabilities from GE Bank, and will transfer the deposits underlying the cards from the existing Walmart card program.

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“The consummation of the transaction is subject to closing conditions, including, among other things, receipt of required regulatory approvals,” the filing read. “If approved by regulatory authorities, the transaction is expected to close in the second half of 2013.”

Green Dot stocks were up 10.07 percent to $19.34 at market close.

Read the full story here.