First Annapolis Advises H&R Block on Transaction to Divest Its Bank
H&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 http://newsroom.hrblock.com/.