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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 20, 2005
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Meta Financial Group, Inc.
(Exact name of registrant as specified in its charter)
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Delaware 0-22140 42-1406262
(State or other jurisdiction of (Commission File (IRS Employer
incorporation or organization) Number) Identification No.)
121 East Fifth Street, Storm Lake, IA 50588
(Address of principal executive offices)(Zip Code)
Registrant's telephone number, including area code: (712) 732-4117
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligations of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d- 2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4 (c))
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TABLE OF CONTENTS
Section 2 - Financial Information
Item 2.06 Material Impairments
Signatures
i
Section 2 - Financial Information
Item 2.06 Material Impairments
(a) The Registrant and its principal operating subsidiaries,
MetaBank and MetaBank West Central, (collectively the "Bank"), on
June 20, 2005, determined that a material amount of its assets were
impaired under generally accepted accounting principles. The assets
affected include total operating loans secured by new and used cars
and contracts receivable of approximately $6.8 million from the Bank
to two companies that are affiliated with each other, which filed
for reorganization under Chapter 11 of the U.S. Bankruptcy Code
during the evening of June 20, 2005. The Bank also has real estate
loans totaling approximately $2.0 million to a borrower related to
the companies, and a home loan of approximately $1.0 million to the
majority owner of such companies. Neither of the borrowers of the
latter two loans has filed for bankruptcy.
(b) and (c) At this time, the Registrant is unable to estimate the
amount or range of amounts of the impairment charge and is also
unable to estimate the amount or range of amounts of the impairment
charge that will result in future cash expenditures. The Registrant
will file an amended report on Form 8-K pursuant to this Item 2.06
within four business days after it makes a determination of such
estimates or range of estimates.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
META FINANCIAL GROUP, INC.
By: /s/ Ronald J. Walters
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Ronald J. Walters
Senior Vice President, Secretary, Treasurer
and Chief Financial Officer
Dated: June 24, 2005