Ahead of the Bell: H&R Block

H&R Block climbs in premarket as company finds a new buyer for its banking business

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NEW YORK (AP) -- H&R Block's shares climbed almost 7 percent before the opening bell Friday after the tax preparer found someone to acquire its banking business.

Late Thursday, the Kansas City, Mo. company said that BofI Federal Bank will acquire the H&R Block Bank business. Financial terms were not disclosed.

BofI Federal Bank is the banking subsidiary of BofI Holding Inc., the parent company of Bank of Internet.

BofI Federal Bank will also offer H&R Block-brand financial programs like Emerald Prepaid Master Card and Emerald Advance lines of credit under a program management agreement between the two companies.

H&R Block Inc. previously had an agreement to sell its bank assets to Republic Bank and Trust Co., a subsidiary of Republic Bancorp Inc. That deal eventually fell apart.

Shares of H&R Block gained $1.88 to $30.30 in premarket trading.

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