Green Dot (GDOT) and CommerceOne Financial shareholders have approved a pending deal under which CommerceOne will purchase Green Dot Bank, while Smith Ventures will acquire the non-bank fintech segment, the banking firms said late Tuesday.
The buyout will allow CommerceOne to form a new publicly traded bank holding company, while Smith Ventures takes the fintech operations private, the companies said.
Closing is expected in Q3, subject to regulatory authorizations.
Shares of the company were up 3.7% in Tuesday premarket activity.
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