MetaBank changes name to Pathward after $60M buyout from Meta, former Facebook company

MetaBank is changing its name to Pathward after Meta Financial Group LLC, its parent company, sold its name and rights to a company connected to what was formerly Facebook.

The new Pathward name should be transitioned by the end of the year, and relates to the company providing a path forward for people and businesses to reach the next steps in their financial journey, according to the company.

Meta Financial Group will also change its name to Pathward Financial Inc. by the end of the year.

More: Facebook's parent company Meta Platforms buys Sioux Falls' MetaBank names and rights for $60 million

Facebook's new parent company named Meta Platforms Inc. began to pursue the rights on Dec. 7, according to a report from the Securities and Exchange Commission, and Beige Key LLC paid $60 million total for the rights. The company said it expected to direct as much as $20 million towards rebranding.

With principle offices in Sioux Falls, MetaBank will phase out the name within a year, according to the SEC report.

Meta Platforms, owner of the social media network Facebook, moved swiftly to buy Meta Financial as part of its move to rebrand and move away from the "Facebook" brand.

This article originally appeared on Sioux Falls Argus Leader: MetaBank changes name after buyout from Meta, formerly Facebook