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Block Gets New Bank Sale Deal

Friday, Apr 11 2014
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Bill Cobb, H&R Block The second time may be the charm for H&R Block which has reached an agreement to sell its own H&R Block Bank to Bofi Federal Bank. Last year, Block had a deal to sell the operation to Republic Bank but that Louisville, Ky.-based operation dropped the idea when it could not get regulatory approvals. Block expects the deal will close before the 2015 tax season.

Block did not announce a sale price but in a prepared statement said it "expects the bank transaction will result in approximately $200 to $250 million of immediate excess capital". Block CEO Bill Cobb noted a sale "is an important step in ceasing to be regulated as a savings and loan holding company, which we believe is in the best strategic interests of our company and our shareholders."

The agreement also provides that Bofi will be the Bank for Block's financial services products: Emerald Prepaid MasterCard, Refund Transfers and Emerald Advance lines of credit for both H&R Block's retail and digital channels.

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