H&R Block gets out of the banking business, sells unit to Bofl

|By:, SA News Editor

H&R Block (HRB) +7.3% AH after agreeing to sell its banking unit to BofI Federal Bank (BOFI) for an undisclosed price, in a move that takes the tax preparation company out of the banking sector and away from the Fed's oversight.

HRB expects the deal to dilute FY 2015 EPS by $0.07-$0.09, and expects to incur one-time transaction related charges of $0.01/share in FY 2014 and $0.02-$0.03 in FY 2015.

BOFI +10.1% AH.