FORT WORTH, Texas, Oct. 14, 2014 /PRNewswire/ — Cecil Y. Ray Jr., chairman of AFS/IBEX and former chairman of The Rigg Group, has announced an agreement to sell substantially all of the loan portfolio and related assets of Dallas-based AFS/IBEX Financial Services, Inc. – including AFS/IBEX Financial Services, Inc. of California and American Financial Services Funding Corp (collectively “AFS”)– to MetaBank, the bank subsidiary of Meta Financial Group, Inc. (NASDAQ: CASH).

Founded in 1986 by The Rigg Group, AFS is one of the top 10 insurance premium finance companies in the nation. The Rigg Group was a Fort Worth-based holding company with interests in insurance, underwriting, brokerage, and premium finance and formerly held such iconic Texas brands as Wm. Rigg Inc. REALTORS (sold 1999 to Coldwell Banker) and Wm. Rigg Co. Insurance and RISC Inc. (sold 2007 to Hub International).

AFS originates loans through a network of over 1300 independent insurance agencies to provide short-term, collateralized financing that facilitates the purchase of insurance for commercial property, casualty and liability risk. Primary offices are in Dallas, TX, and Newport Beach, CA. John Holsan (AFS’s President) and Jay Scheideman (AFS’s CFO) founded AFS in 1986 with Mr. Ray.

“We are excited to be joining forces with MetaBank and believe they will provide the necessary elements to expand our services further,” said Mr. Holsan, who will serve as president of MetaBank’s new insurance premium finance division that will continue to be known as AFS. “MetaBank is a perfect partner to help us grow our business.”

Founded in 1954, MetaBank is a federally chartered savings bank that is a division of Meta Financial Group, Inc. (MFG). Headquartered in Sioux Falls, South Dakota, MetaBank’s primary banking businesses are deposits, loans and other financial products and services to meet the needs of its commercial, agricultural and retail customers. MetaBank ranks fifth in the nation as a top-performing, mid-sized bank, according to the American Banking Association Journal.

AFS will maintain its current office locations and workforce of over 50 employees. The proposed transaction is subject to customary closing conditions. The acquisition has been approved by the boards of directors of each company and is expected to close by the end of the calendar year.

Media contacts: John Holsan, jholsan@afsibex.com, (214) 953-0289
Jay Scheideman, jscheideman@afsibex.com, (817) 913-3261
Paige Hendricks, pkhendricks@phprinc.com, (817) 798-4004

SOURCE AFS/IBEX Financial Services, Inc.