03:38 AM EDT, 08/29/2024 (MT Newswires) -- Pathward Financial ( CASH ) said Wednesday its Pathward NA subsidiary has agreed to sell its commercial insurance premium finance business to AFS IBEX Financial Services, a subsidiary of Honor Capital Holdings.

The purchase price, to be paid at closing, consists of the final net asset value of the assets purchased, which was $617.1 million as of June 30, together with a $31.2 million premium, subject to fluctuations in the loan portfolio plus the assumption of certain liabilities.

Pathward said AFS has committed to offer employment to those within the unit.

The sale has already been approved by the company's board and is expected to close by the end of fiscal 2024.