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Stock Market & Financial Investment News

News Breaks
November 14, 2012
13:18 EDTBOFIDon Henkey reports 7.5% stake in Bofi Holding
News For BOFI From The Last 14 Days
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September 4, 2015
10:00 EDTBOFIOn The Fly: Analyst Upgrade Summary
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06:18 EDTBOFIBofI Holding upgraded to Strong Buy from Outperform at Raymond James
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September 2, 2015
06:20 EDTBOFIBofI Holding to host conference call
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September 1, 2015
16:20 EDTBOFIBofI Federal Bank completes deposit transaction with H&R Block
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16:11 EDTBOFIH&R Block bank divestiture program to impact FY16 EPS by 8c-10c
H&R Block (HRB) announced that it has successfully closed its transaction to divest H&R Block Bank, selling certain assets and transferring certain liabilities, including all of its deposits, to BofI Federal Bank (BOFI) a full month earlier than expected. At the time of the closing, the bank made a one-time cash payment to BofI of approximately $419M, which is approximately equal to the carrying value of the liabilities assumed by BofI. The bank merged into its parent company, surrendered its bank charter, and ceased to exist as a bank. The closing of the bank transaction represents the conclusion of a multi-year effort to refocus the company on its core tax business and to no longer be regulated as a savings and loan holding company. In connection with the closing, and consistent with the description of the transaction in the company's previous public disclosures, the parties have entered into a program management agreement under which BofI will serve as the bank for H&R Block-branded financial services products: Emerald Prepaid MasterCard, Refund Transfers and Emerald Advance lines of credit offered through H&R Block's retail and digital channels. H&R Block reaffirms it expects the ongoing annual net financial impact to be dilutive by approximately 8c-10c per share beginning in FY16. The company also expects to incur one-time charges for transaction and related costs of approximately 2c-3c per share in fiscal year 2016. All per share amounts are based on fully diluted shares outstanding as of Aug. 31, 2015.

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