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.
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.
Apr. 21, 2014, 1:16 PM
- H&R Block (HRB +0.7%) looks like an attractive target for a thirsty P&E firm, according to analysts.
- The prevailing thought is that an acquisition play became much more likely after the company moved to sell its bank.
- H&R Block's extensive retail network and strong brand name could give a buyer a chance to leverage an affiliated business.
Oct. 9, 2013, 7:56 AM
- H&R Block (HRB) tumbles 5.6% premarket after Republic Bank (RBCAA) says it's withdrawing its application to the OCC for conversion to a national banking association - a necessary condition of its agreement to purchase certain parts of HRB Bank.
- "We remain committed to our twin goals of ceasing to be regulated as a savings and loan holding company and finding the right bank partner to help us to continue to grow our financial services business."
- A conference call is set for 9 ET.
Jul. 12, 2013, 10:49 AM
H&R Block's (HRB +2.9%) sale of its banking assets is a positive for several reasons, writes Mark Palmer. First, it removes what had been growing doubt about the ability to unload the deposits at a reasonable price (the sale was for book value). Maybe more importantly, the sale eliminates a level of complexity (and Fed regulation) from HRB, maybe increasing the odds of a takeover a bid. Assessment of the deal's full impact, however, will await details of still-to-be-negotiated revenue sharing agreements.| Jul. 12, 2013, 10:49 AM | 1 Comment
Nov. 8, 2011, 2:31 PMU.S. AG Eric Holder pours cold water on talk of a settlement in the Justice Department's antitrust challenge to AT&T's (T) $39B takeover of T-Mobile (DTEGY.PK), saying his lawyers are "ready and eager" to fight the case in court. DOJ has been emboldened by its victory last week in blocking a deal by H&R Block (HRB), the first time in eight years it fought a merger in court and won. | Nov. 8, 2011, 2:31 PM | 1 Comment