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H&R Block sells bank assets to Republic Bank

H&R Block (HRB) announced that H&R Block Bank has entered into a definitive purchase and assumption agreement with Republic Bank and Trust, a subsidiary of Republic Bancorp (RBCAA), to sell certain assets and transfer certain liabilities of H&R Block Bank to Republic. The transaction and related costs are expected to result in one-time expenses to H&R Block of approximately 3c-4c in FY14, contingent on the timing of regulatory approval. H&R Block expects the net financial impact of the service agreement with Republic to be dilutive by approximately 6c-9c on an annual basis.