SAN DIEGO, CA--(Marketwired - Apr 10, 2014) - BofI Federal Bank, the banking subsidiary of BofI Holding, Inc. (
"We are proud to announce the definitive agreements with H&R Block, the world's largest consumer tax services provider," stated Greg Garrabrants, President and Chief Executive Officer. "The program management agreement with H&R Block adds to the growing list of companies and associations offering the Bank's products to their clients, customers or constituents. We believe our nationwide low-cost branchless Bank is well aligned with H&R Block's desire to provide their clients with affordable banking products and services. Once approved and consummated, these H&R Block agreements should add to the strength and diversity of our deposit, lending and fee income businesses," concluded Mr. Garrabrants.
Both BofI Federal Bank and H&R Block Bank are in the process of applying for required regulatory approvals with their respective regulators. Subject to the aforementioned conditions, BofI Federal Bank and H&R Block Bank continues to expect that the closing will occur in time for next tax season.
BofI Holding, Inc. expects the ongoing annual revenue from the H&R Block program management agreement to be approximately $26 to $28 million starting in fiscal 2015. The revenue projection is based upon the estimated volume of financial services products to be sold through the H&R Block programs. Actual transactions volumes and revenue could be significantly different. BofI Federal Bank expects no significant additions to regulatory capital will be required as a result of this transaction.
Additional information regarding the agreements with H&R Block subsidiaries, the transaction process, related contingencies, and the timing of the transaction is included in a Form 8-K filed today with the Securities and Exchange Commission. There can be no assurances regarding when or if the contemplated transactions will close, the ability to obtain all required regulatory and other approvals, or final terms and conditions of the various agreements.
BofI Federal Bank will conduct a conference call to discuss these agreements at 11:00 a.m. Eastern time on April 11, 2014. To access the call, please dial the number below approximately 10 minutes prior to the scheduled starting time:
Dial-in Number: 888-437-9445
Conference ID: 9195329
A replay of the call will be available beginning at 2:00 p.m. Eastern time on April 11, 2014, and continuing until May 9, 2014, by dialing (888) 203-1112. The conference ID is 9195329. The webcast will be available for replay at BOFI's Investor Relations website at www.bofiholding.com until May 9, 2014.
About BofI Holding, Inc. and BofI Federal Bank
BofI Holding, Inc. (
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