FDIC-Insured - Backed by the full faith and credit of the U.S. GovernmentWhy did Grasshopper decide to acquire Auto Club Trust?
This acquisition is part of our strategic growth plan. Auto Club Trust will bring extended capabilities and a new skill set to Grasshopper that complements our existing strengths as we continue to deliver innovative, digital banking solutions to our clients.
When will the acquisition be finalized, and what will change after that?
While there are several factors that could impact the final approval date, we currently expect the deal to close in the first half of 2025. In the meantime, we will continue to work through the approval process while simultaneously preparing an integration plan. Once the transaction is finalized, Grasshopper will be the exclusive bank powering depository and certain lending offerings to AAA members in ACG’s 14 state-territory. There will be no changes to your current products or services, and we will notify you of any changes in the future.
How does this acquisition fit into Grasshopper’s long-term vision?
This acquisition aligns perfectly with our long-term vision of providing innovative financial solutions and broadening our capabilities. It not only provides us with the opportunity to expand our product offerings, but also allows us to continue delivering the products and services that our clients need, now and in the future.
Will the acquisition impact Grasshopper’s ability to serve its current clients?
Absolutely not. We remain fully committed to providing the highest level of service to all of our clients. Without losing focus on what we do best, this acquisition allows us to expand our consumer and business banking affinity program and bring in new skills and resources to strengthen our ability to serve you.
How will this acquisition affect my current accounts and services?
Your current accounts and services will remain exactly as they are. There will be no changes to the way you bank with us, and the acquisition will not cause any disruptions to your day-to-day digital banking experience. We will notify you well in advance if any changes are considered in the future.
Will any fees, rates, or terms of my loans or deposits change as a result?
No, there will be no changes to your current fees, rates, or terms as a result of this acquisition. Your agreements with Grasshopper remain the same.
What new products or services will be offered because of this acquisition?
Once the acquisition is finalized, Grasshopper will be the exclusive bank powering depository and certain lending offerings to 13-million AAA members in ACG’s 14-state territory, which will expand our capabilities. We’ll keep you informed about any new offerings that may become available to you, but for now, everything remains as it is.
Will Auto Club Trust operate under the Grasshopper name, or will they remain a separate entity?
Once the transaction is finalized and the integration process begins, which we anticipate to occur in the first half of 2025, we will take over the banking operations of Auto Club Trust. This will allow us to seamlessly integrate our services and potentially provide an even broader range of solutions to our clients. We'll keep you informed throughout this process to ensure a smooth transition.
Will there be any updates to your digital platforms or technology because of this acquisition?
While there are no immediate changes planned, we are always looking for ways to improve our digital platforms. Any technological upgrades that result from this acquisition will be communicated well in advance, and we will ensure a smooth transition should any updates occur.
How will this acquisition benefit me as a client?
The acquisition will allow us to expand our products and capabilities by integrating the skills and resources of Auto Club Trust into our offerings. While your current services will remain unchanged, the additional capabilities we gain will allow us to innovate and bring new value to you in the future.
Will this acquisition affect Grasshopper’s financial stability?
The acquisition will not affect our financial stability as a bank. Grasshopper remains well-capitalized and financially stable. In fact, we will be raising $35 million in new capital as a result of this acquisition, which includes ACG retaining a 4.9% ownership in the combined entity once the deal is closed, further strengthening our financial position and enabling us to continue our growth trajectory.
How can I stay informed about any future updates related to this acquisition?
We will keep you informed through regular updates via email, our website, your relationship manager, and Client Services. If you have any specific questions or concerns, feel free to reach out to us at any time.