New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
February 7, 2013
07:45 EDTCVBF, TSBK, BANR, RCKB, BOFI, COBZFIG Partners to host a forum
4th Annual FIG Partners CEO Forum is being held in San Francisco on February 6-7.
News For COBZ;RCKB;TSBK;BOFI;BANR;CVBF From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
September 2, 2015
06:20 EDTBOFIBofI Holding to host conference call
Subscribe for More Information
September 1, 2015
16:20 EDTBOFIBofI Federal Bank completes deposit transaction with H&R Block
Subscribe for More Information
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.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use