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Green Dot enters $100 million accelerated stock buyback program with Bank of America

Ciara Linnane

Green Dot Corp. said Wednesday it has entered a $100 million accelerated share buyback program with Bank of America Merrill Lynch . The bank, which targets low-income customers with a range of retail banking services, said it will receive an initial delivery of about 1.7 million shares. The final number will be based on its volume-weighted average stock price during the transaction, which is expected to be completed in 2019. Shares were up 2% in premarket trade, but have fallen 40% in 2019, while the S&P 500 has gained 14%.