H&R Block Does Not Expect Approval For Deal With BofI To Be Complete This Year

(RTTNews) - H&R Block, Inc. (HRB), a consumer tax services provider, said the regulatory approval process regarding its purchase and assumption agreement with BofI Federal Bank would not be complete this calendar year.

Thus, the company expects to continue offering its financial services products to its clients through H&R Block Bank for the upcoming tax season.

"We are extremely disappointed with this development. However, we remain committed to exiting our bank and forming a long-term relationship with BofI," said Bill Cobb, H&R Block's president and chief executive officer.

As announced on April 10, H&R Block Bank and BofI entered into the P&A agreement, following which H&R Block Bank agreed to sell certain assets and transfer certain liabilities, including all of its deposit liabilities, to BofI.

The P&A agreement is subject to regulatory approvals and other customary closing conditions.

HRB closed up over 3 percent on Friday at $31.66.