Stinson Leonard Street Represents H&R Block in Transaction - Definitive Agreement Reached to Divest its Bank
Stinson Leonard Street LLP advised H&R Block, Inc. (NYSE: HRB), the world’s largest consumer tax services provider, in a transaction announced today that H&R Block Bank has entered into a definitive purchase and assumption agreement with BofI Federal Bank ("BofI") to sell certain assets and transfer certain liabilities to BofI. The agreement is subject to regulatory approvals and other customary closing conditions.
In addition, the parties have agreed to terms of a program management agreement under which BofI will act as the bank for H&R Block-branded financial services products: Emerald Prepaid MasterCard®, Refund Transfers and Emerald Advance® lines of credit through H&R Block's retail and digital channels. The program management agreement will be entered into upon closing of the definitive purchase and assumption agreement.
H&R Block has issued a news release with additional details concerning the transaction.
Stinson Leonard Street's team of attorneys involved in the transaction included the following partners: Mike Lochmann, Katherine Rizzo, Kyle McCurry, Karen Garrett, Aaron Johnson and Steve Cosentino. Also on the team were associates Jason Nonnemaker, Nate Van Emon and Greg Johnson. Covington & Burling LLP also served as legal counsel along with Stinson Leonard Street. Goldman, Sachs & Co. and First Annapolis Consulting, Inc. acted as financial advisors to H&R Block for the transaction.
Stinson Leonard Street's Banking and Financial Services Division handles mergers and acquisitions, regulatory matters, commercial lending and creditors’ rights for community and regional banks, and large national banks. The firm's Banking and Financial Services Division has consistently placed near the top of SNL Financial's deal rankings in recent years. In 2012, the firm advised on more bank and thrift mergers and acquisitions, and branch sales, than any other U.S. legal advisor, according to SNL Financial data.