Utah-based bank Green Dot Corp plans to acquire the Wal-Mart branded pre-paid debit card business from General Electric Co's GE Capital unit, the U.S. Federal Reserve said in a statement on Friday. The Fed said it has approved the deal, which includes $276 million in total deposits, more than doubling Green Dot Bank's total deposits to make it the 30th largest bank in the state.Green Dot plans to offer more features to Wal-Mart Stores Inc cardholders, including automated bill payment and check-writing.GE said this month that it plans to sell its retail lending arm, as part of its plan to scale back exposure to financing businesses.
Green Dot Corporation (Green Dot) is a bank holding company. Shares of GDOT traded higher by 1.71% or $0.39/share to $23.24. In the past year, the shares have traded as low as $11.25 and as high as $26.61. On average, 655606 shares of GDOT exchange hands on a given day and today's volume is recorded at 308339.
Wal-Mart Stores, Inc. (Walmart) operates retail stores in various formats around globally. Shares of WMT traded higher by 0.76% or $0.6/share to $79.46. In the past year, the shares have traded as low as $67.37 and as high as $79.96. On average, 6193720 shares of WMT exchange hands on a given day and today's volume is recorded at 2306926.
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