CommerceOne Financial has agreed to acquire Green Dot Corporation, a financial technology platform and registered bank holding company that builds banking and payment solutions. The implied aggregate value is estimated to be between $825 million and $1.1 billion.
CommerceOne will acquire Green Dot Bank and its associated assets and operations. Together, they will become a new publicly traded bank holding company that serves as the fintech’s exclusive issuing bank.
CommerceOne Financial is the parent company of CommerceOne Bank, a full-service commercial and private bank headquartered in Birmingham, Alabama.
The S&C team advising CommerceOne includes Stephen Salley, Rodge Cohen, Danny Rua and Jinny Lee. Kristen Klein and Rebecca Rabinowitz are advising on executive compensation matters. Mehdi Ansari and KJ Lim are advising on intellectual property matters. Tessa Lee and James Jang are advising on tax matters.