Birmingham-based CommerceOne Financial Corp., parent company of CommerceOne Bank, and Smith Ventures LLC are acquiring Utah-based Green Dot Corp., a financial technology platform and registered bank holding company.
Each company’s respective shareholders have recently voted to approve the transaction involving Green Dot, CommerceOne and Smith Ventures LLC. Approximately 72% of Green Dot’s shareholders and approximately 69% of CommerceOne shareholders approved the transaction in special meetings.
In late November 2025, Green Dot Corp. announced that it would be acquired by Smith Ventures LLC and CommerceOne Financial, with Smith Ventures acquiring and privatizing Green Dot’s non-bank financial technology assets and operations and CommerceOne acquiring Green Dot Bank and its associated assets and operations, and together, they would become a new publicly traded bank holding company that serves as the fintech’s exclusive issuing bank.
Under the terms of the agreement and upon completion of the acquisition, each share of Green Dot will be exchanged for $8.11 cash and 0.2215 shares of the new publicly traded bank holding company that will own CommerceOne’s existing business, including CommerceOne Bank and Green Dot Bank. Former Green Dot shareholders will own approximately 72% of the new publicly traded bank holding company, and former CommerceOne shareholders will own approximately 28% of the company.
“We appreciate the strong vote of confidence from our shareholders,” said William I. Jacobs, chairman and CEO of Green Dot Corp. regarding the recent vote to approve the acquisition. “This milestone brings us closer to completing a transaction designed to unlock value for shareholders, enhance strategic focus and position both the bank and fintech businesses for long-term success.”
CommerceOne CEO Kenneth Till said of the shareholder vote, “We are pleased to receive strong support from our shareholders, marking an important step in advancing this transformative transaction. The combination of Green Dot Bank with CommerceOne will create a well-capitalized, growth-oriented banking platform positioned to serve a diverse set of customers and partners, while supporting the continued expansion of embedded finance capabilities.”
Smith Ventures will acquire Green Dot’s non-bank financial technology business assets and operations from CommerceOne for $690 million in an all-cash transaction. Of that purchase price, $470 million will be distributed to Green Dot shareholders, while $155 million will be invested into the bank to provide additional regulatory capital and liquidity. Approximately $65 million will be used to pay off current indebtedness.
“We appreciate the strong support of Green Dot and CommerceOne shareholders for a transaction structure designed to allow the fintech and banking businesses each to operate with greater focus,” said Blake Davidson, managing partner of Smith Ventures. “Smith Ventures looks forward to completing the remaining steps and to partnering with CommerceOne as the fintech’s issuing bank once the transactions close.”
Smith Ventures was founded by Bill Smith, the Birmingham entrepreneur who founded Shipt and Landing.
Included in the agreement, the fintech and the combined bank holding company will enter into a seven-year commercial relationship pursuant to which the bank holding company will serve as the exclusive bank sponsor for the fintech’s digital banking and embedded finance platform, with opportunity to grow market share and serve as sponsor bank to other partners going forward.
The transactions are expected to be completed in the third quarter of 2026, subject to approval by the Board of Governors of the Federal Reserve System, the Alabama State Banking Department and the Utah Department of Financial Institutions and other customary closing conditions.
