H&R Block Sells Bank Unit to BofI Federal Bank and The Gap Gets Downgraded to Neutral at Janney
H&R Block, Inc. (NYSE: HRB) said it would sell its bank unit to BofI Federal Bank. BofI Holding, Inc. is a holding company for BofI Federal Bank. "H&R Block's sale of the bank has the potential to be a seismic event for the stock," BTIG analyst Mark Palmer said in an e-mail. "By removing itself from Federal Reserve oversight, HRB would be in position to lever itself up and use the proceeds to buy back a very significant portion of its outstanding shares," Palmer said. H&R Block, Inc., through its subsidiaries, provides tax preparation and related services to the general public in the