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Note 9—Deposits
In February 2014, we completed the transition of all outstanding customer deposits associated with our GPR card
program with GE Capital Retail Bank to Green Dot Bank. The total funds transferred to Green Dot Bank were
approximately„$260 million„and are now classified as deposits on our consolidated balance sheet and are included as
"GPR deposits" within non-interest bearing deposit accounts below. In conjunction with this transition, we made a
payment of approximately„$50 million„to GE Capital Retail Bank to settle our liability associated with overdrawn
cardholder account balances, which, as of December 31, 2013, was included in our consolidated balance sheet as
"amounts due to card issuing banks for overdrawn accounts."
December 31,
2014 2013
Non-interest bearing deposit accounts (In thousands)
GPR deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $529,779 $204,171
Other demand deposits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,631 —
Total non-interest bearing deposit accounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549,410 204,171
Interest-bearing deposit accounts
Negotiable order of withdrawal (NOW) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 905 1,401
Savings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,985 6,410
Time deposits, denominations greater than or equal to $100. . . . . . . . . . . . . . . . . . . . . . . . . . . 5,263 5,310
Time deposits, denominations less than $100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,838 2,288
Total interest-bearing deposit accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,991 15,409
Total deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $565,401 $219,580
The scheduled contractual maturities for total time deposits are presented in the table below:
December 31,
(In thousands)
Due in 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,442
Due in 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,383
Due in 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 772
Due in 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58
Due in 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 427
Thereafter. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Total time deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,101
GREEN DOT CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)
73
Note 10—Note Payable
The following table presents total outstanding notes payable:
December 31, 2014 December 31, 2013
(In thousands)
Term Facility $150,000 $—
Revolving Facility ——
Total notes payable $150,000 $—
In October 2014, we entered into a„$225.0 million„credit agreement with Bank of America, N.A., as an administrative
agent, Wells Fargo Bank, National Association, and the other lenders party thereto. The credit agreement provides for
1) a„$75.0 million„five-year revolving facility (the "Revolving Facility") and 2) a„five-year„$150.0 million„term loan facility
("Term Facility" and, together with the Revolving Facility, the “Senior Credit Facility). The credit agreement also includes
an accordion feature that, subject to securing additional commitments from existing lenders or new lending institutions,
will allow us to increase the aggregate amount of these facilities by up to an additional„$50.0 million. We drew the
entire Term Facility on„October 23, 2014, and used the proceeds to finance our acquisition of SBBT Holdings, LLC,
as discussed in Note 3 — Business Acquisitions. We expect to use the proceeds