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H&R Block to sell bank unit to BofI Federal Bank

By Avik Das (Reuters) - U.S. tax preparer H&R Block Inc <HRB.N> said it would sell its bank unit to BofI Federal Bank, freeing the company from Federal Reserve oversight. Shares of H&R Block, which was forced to end an earlier deal to divest the division, rose about 7 percent after the bell. BofI Federal Bank, which operates from a single location in San Diego, is a unit of BofI Holding Inc <BOFI.O>. BofI Holding shares were up more than 10 percent in extended trading.

Tax prepare H&R Block posts slightly smaller 2Q loss, dip in revenue

KANSAS CITY, Mo. - H The Kansas City, Mo., company typically reports a loss in the August-October period because it takes in most of its revenue during the U.S. tax season. H Block's adjusted loss amounted to 38 cents per share. Analysts polled by FactSet anticipated a loss of 37 cents per share. Revenue slipped to $134.3 million, from $137.3 million. Analysts had forecast $137.9 million in revenue.

H&R Block shares tumble on plans to terminate bank unit sale

By Aman Shah (Reuters) - U.S. tax preparer H&R Block Inc <HRB.N> is planning to terminate the sale of its banking assets to a unit of Republic Bancorp Inc <RBCAA.O>, sending shares down 6 percent in extended trading. H&R Block in July said it would sell its banking unit to avoid a sharp rise in costs associated with the introduction of stricter banking rules by the U.S. Federal Reserve.

Higher expenses contribute to wider 1st-quarter loss for tax preparer H&R Block

KANSAS CITY, Mo. - H The company, based in Kansas City, Mo., typically reports an operating loss in the May-July quarter, which follows the peak U.S. tax filing season. In a conference call with Wall Street analysts on Tuesday, management said the company had asked its regulator over the past 12 months for permission to buy back shares, but has not received approval to do so. Block's shares slid almost 4 per cent in after-market trading.
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