The planned sale of Tax Refund Solutions of Republic Bank & Trust Company has fallen apart. The collapse of the deal was announced this month by the prospective purchaser, Green Dot Corp.The parties agreed to the sale on May 13. However, on October 4, Green Dot “that it has been unable to obtain the Federal Reserve’s approval of or non-objection to the Sale Transaction.” That led to Green Dot’s announcement the deal will not be completed.
Green Dot has agreed to buy the Republic business for $165 million in cash which would have brought together that company’s tax refund products with the Santa Barbara TPG that it already owned.
