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April 10, 2014 4:10 PM

H&R Block finds a new buyer for its bank

The deal for H&R Block Bank is with BofI Federal Bank, which is based in San Diego and operates principally as an online bank called Bank of Internet USA. By selling the bank, H&R Block will free between $200 million and $250 million in capital. It represents excess funds the company could use to raise its dividend, buy back its own shares or invest in business operations.

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