Cleary Gottlieb is representing the board of directors of Higher One in the sale of the company’s disbursements business to one of its bank partners, Customers Bank. The transaction is subject to approval by Higher One’s shareholders and is expected to close in the second quarter of 2016.
Higher One’s Disbursements business includes its proprietary Refund Management® Disbursement Service and the OneAccount. Refund Management® streamlines the financial aid refund disbursement process for more than 800 college and university campuses across the U.S. and the OneAccount is an FDIC-insured checking account offered through Higher One’s bank partners to more than two million college students. Customers Bank is a bank partner of Higher One and has been a provider of the OneAccount checking account since 2013.