First Annapolis Advises H&R Block, Inc. on the Sale of its Bank to BofI Federal Bank

April 10, 2014

H&R Block, Inc. (NYSE: HRB), the world’s largest consumer tax services provider, announced that H&R Block Bank has entered into a definitive purchase and assumption agreement with BofI Federal Bank (“BofI”) to sell certain assets and transfer certain liabilities to BofI.  The agreement is subject to regulatory approvals and other customary closing conditions.  In addition, the parties have agreed to terms of a program management agreement under which BofI will act as the bank for H&R Block-branded financial services products: Emerald Prepaid MasterCard®, Refund Transfers and Emerald Advance® lines of credit through H&R Block’s retail and digital channels.  The program management agreement will be entered into upon closing of the definitive purchase and assumption agreement.

“We’re very pleased to reach a definitive agreement with BofI that enables us to exit our bank while continuing to offer best-in-class financial services products to our clients,” said Bill Cobb, H&R Block’s president and chief executive officer.

Goldman, Sachs & Co. and First Annapolis Consulting, Inc. are acting as advisors to H&R Block for the transaction, and Stinson Leonard Street LLP and Covington & Burling LLP are acting as H&R Block’s legal counsel.

Click here to read the full press release.

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