First Annapolis Advises H&R Block on Transaction to Divest Its Bank

September 1, 2015

HR-Block---Bofi-_15Sep4H&R Block, Inc., the world’s largest consumer tax services provider, announced the successful closing of transaction to divest its H&R Block Bank subsidiary, following the sale of certain assets and transfer of all deposit liabilities to BofI Federal Bank (“BofI”). The 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.

At closing, the parties entered into a long-term 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.

First Annapolis Consulting, Inc. served as advisor to H&R Block for the transaction.

This summary excerpted from company press releases; for more information, visit the H&R Block Newsroom at

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