H&R Block to Sell Bank Assets to Exit Fed Oversight
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H&R Block Inc., the biggest U.S. tax preparer, plans to sell its bank assets to Kentucky’s Republic Bancorp Inc. in an effort to exit Federal Reserve oversight.
The deal will reduce earnings by about 6 cents to 9 cents a share on an annual basis and result in one-time expenses of 3 cents to 4 cents in the fiscal year ending April 2014, Kansas City, Missouri-based H&R Block said yesterday in a statement.