Facebook's parent company Meta Platforms buys Sioux Falls' MetaBank names and rights for $60 million
The trademark business is meta.
Delaware-incorporated Meta Financial Group LLC, the parent company of MetaBank, sold its name and rights to a company connected to what was formerly Facebook.
Facebook's new parent company named Meta Platforms Inc. began to pursue the rights on Dec. 7, according to a ne report from the Securities and Exchange Commission, and had Beige Key LLC pay a cool $60 million dollars in total for the rights.
With principle offices in Sioux Falls, MetaBank will phase out its 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.
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META and other METAformative names like METABANK and META FINANCIAL GROUP, trademark registrations and common law rights, domain names and social media accounts, will be the rights of the Facebook company, the filing said.
A new name for MetaBank has not yet been announced.
MetaBank will use the payout to implement a new corporate mark and name as well as for other general corporate expenses. It is expected to announce a rebrand in late January 2022.
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This article originally appeared on Sioux Falls Argus Leader: Facebook, Meta Platforms pays $60 million for rights to MetaBank name