Troy-based Crestmark Bancorp, Inc. announced it is to be acquired by Meta Financial Group Inc., based in Sioux Falls, South Dakota, in an all-stock transaction. The value of the acquisition was based on the Jan. 8 closing price of Meta shares, approximately 3.3 million shares worth $320.6 million, according to a press release from Crestmark.

Crestmark is a commercial lender, specializing in solutions for businesses. It will continue to operate in Troy, as a division of MetaBank.

W. David Tull, Crestmark’s chairman and CEO, and one other director, will join the Meta board, and Michael “Mick” Goik, president and COO of Crestmark, will become EVP of MetaBank and president of the Crestmark division of MetaBank.

— Kathy Blake, The Oakland Press