H&R Block has agreed to divest its bank unit to BofI Holding Inc. The move will release H&R from numerous regulatory restrictions from the Federal Reserve, including not having to seek Fed approval for its share buyback programs. The consumer tax firm said it will receive around $200 million to $250 million in immediate excess capital if the deal passes regulatory approval. BofI Holding said it expects annual revenues of between $26 million and $28 million from the unit beginning fiscal 2015.
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