MetaBank’s Sheila Volek uses the “e” word when she talks about the bank’s transition to estimating its allowance under the CECL standard. “I’m excited to see what will happen,” she says.
Volek’s anticipation and confidence reflect a long history of innovation at Sioux Falls, South Dakota-based MetaBank, which has resulted in such accolades as being named fifth in the nation among top-performing mid-sized banks by the ABA Banking Journal, and among the top 25 of the nation’s community banks and thrifts by American Banker Magazine. It has grown to operate in several different financial sectors: payments, commercial finance, tax services, community banking and consumer lending, and works with high-value niche industries, strategic-growth companies and technology adopters to grow their businesses and build more profitable customer relationships. It has made a series of acquisitions, five since 2014, including the most recent, Michigan-based Crestmark, an institution acquired in the midst of MetaBank’s CECL transition.
“We’ve seen expansion in our loan portfolio over the past couple years, particularly through some strategic acquisitions,” said Volek, the MetaBank senior accountant with ultimate responsibility for the allowance and allowance reporting to the SEC. “The recent Crestmark acquisition further diversified our lending platforms by adding different types of commercial finance product offerings, including asset-based lending, factoring, leasing, and government guaranteed lending, and will enable cross-selling to help smaller businesses secure financing for commercial insurance.”