HRB: H&R Block Sells Banking Business

It's the second time H&R Block has tried to sell its bank

   

HRB: H&R Block Sells Banking Business

On Thursday, H&R Block (HRB) announced plans to sell its banking business. News of the deal sent HRB stock up more than 2% in Friday morning trading.

HRBlock building 630 300x200 HRB: H&R Block Sells Banking Business
Source: Flickr

HRB stock gained after the tax-preparation giant said Bofl Holding’s Bofl Federal Bank will purchase the banking unit. HRB did not reveal the financial terms of the purchase, the Associated Press noted.

ProcterAndGambleLogo 200x200 HRB: H&R Block Sells Banking Business
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This isn’t the first time, HRB has tried to sell its banking business. An earlier deal to sell the HRB bank unit to Republic Bancorp’s (RBCAA) Republic Bank and Trust unraveled.

Under the agreement, Bofl Federal Bank will promote H&R Block’s Emerald Prepaid Master Card and Emerald Advance lines of credit. among other HRB-branded products.

HRB shares closed at $28.42 on Thursday. Over the past 12 months, HRB stock has slipped about 1%.


Article printed from InvestorPlace Media, http://investorplace.com/2014/04/hrb-hr-block-sells-banking-business/.

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