H&R Block Finds Buyer For KC-Based Bank

H&R Block headquarters in Kansas City | Photo courtesy of Wikimedia Commons
Kansas City-based H&R Block will sell its banking operation. | Courtesy of Wikimedia Commons

H&R Block Inc. entered into an agreement to sell its banking operation to BofI Federal Bank, an internet bank based in San Diego. H&R Block CEO Bill Cobb said the agreement, contingent upon gaining regulatory approval, “is 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.”

Once it no longer is bound by the capital reserve requirements of being a holding company, H&R Block expects the divestiture to result in about $200 million to $250 million in immediate excess capital.

Read more from the Kansas City Business Journal

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