BofI Holding, Inc.NASDAQ
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  • Mon, Apr. 4, 8:00 AM
    • In a deal which closed last Thursday, BofI Holding (NASDAQ:BOFI) acquired about $140M of equipment leases from Pacific Western Equipment Finance (EQF). BofI also acquired the operations of that part of the company, and will retain about 25 existing employees of EQF, including the entire senior management team.
    • The purchase is expected to be accretive to EPS in year one, including the lease purchase price premium of about 2.5% and certain one-time expenses.
    • "The addition of EQF immediately makes us an established lender in the equipment leasing space," says bank CEO Greg Garrabrants.
    • Now read: Why BOFI Created A Phantom 'Full Service Branch' In The Nevada Desert (Feb. 3)
    | Mon, Apr. 4, 8:00 AM | 7 Comments
  • Sep. 1, 2015, 4:14 PM
    • The deal closes a month ahead of time, and in conjunction, BofI (NASDAQ:BOFI) received a one-time $419M cash payment from H&R Block Bank, and assumed an equal amount of deposit liabilities.
    • BofI will hold a conference call to discuss the deal tomorrow at 10 ET.
    | Sep. 1, 2015, 4:14 PM | 3 Comments
  • Aug. 5, 2015, 9:48 AM
    • The sale of H&R Block Bank to BofI Holding (BOFI +4.7%) is expected to close no later than Sept. 30 as the parties have in hand regulatory approvals from the OCC and the Fed.
    • The deal is expected to dilute H&R Block (HRB +8.8%) EPS on an ongoing basis by about $0.08-$0.10 beginning in fiscal year 2016. HRB will also take a one-time $0.02-$0.03 per share charge in FY16.
    • HRB will hold a  (dial-in) conference call at 10 ET.
    | Aug. 5, 2015, 9:48 AM | 2 Comments
  • Oct. 6, 2014, 2:59 AM
    • H&R Block (NYSE:HRB) says its deal to sell its banking unit to BofI Federal Bank (NASDAQ:BOFI) will not be approved by regulators before next year's tax season.
    • "We are extremely disappointed with this development," says CEO Bill Cobb. "We remain committed to exiting our bank and forming a long-term relationship with BofI."
    • The holdup comes after H&R Block was forced to end a July 2013 agreement to sell its banking assets to Republic Bancorp after regulatory approval could not be obtained.
    | Oct. 6, 2014, 2:59 AM