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Republic Bancorp (RBCAA) is increasing its stake in the tax refund services business by buying the banking operations of H&R Block (HRB).
July 11 -
Republic Bancorp's deal to buy the bank operations of H&R Block collapsed because of regulators' apparent concerns about the mixing of banking and tax-refund processing. The deal would have helped restore a business already bruised by conflicts with regulators.
October 9 -
BofI Holding (BOFI) in San Diego has agreed to buy certain assets and all the deposits of H&R Block Bank.
April 11
H&R Block, for the second time in a year, is finding it challenging to get out of banking.
The consumer tax services provider disclosed Sunday that the regulatory approval process required for selling certain assets and deposits of its H&R Block Bank to BofI Holding in San Diego will not be completed this year. As a result, the company said it expects the bank to keep offering financial products services to its clients during the upcoming tax season.
"We are extremely disappointed with this development," Bill Cobb, H&R Block's president and chief executive, said in a press release. "However, we remain committed to exiting our bank and forming a long-term relationship with BofI."
"We remain committed to forming a long-term relationship with H&R Block," Greg Garrabrants, BofI's president and chief executive, said in a separate press release. "While the regulatory approval process has taken longer than expected, we are encouraged by the progress made to date."
The companies did not disclose what is delaying the regulatory approval process.
BofI
H&R Block originally