Lexington, KY – Republic Bank & Trust Company, a Louisville-based bank with six locations in Lexington, has reached an agreement to purchase and assume the deposits of H&R Block Bank.
The banking arm of the tax-filing company has a single location in Kansas City, Mo., that will remain in the possession of H&R Block, according to a release from Republic Bank.
“H&R Block is the world’s largest consumer tax services provider and we are excited about the possibility of serving their clients on a long term basis,” Steve Trager, chairman and CEO of Republic Bank, said in the release.
Republic will acquire H&R Block Bank’s non-cash assets, projected to be approximately $3 million at closing, according to the release. In addition, Republic will assume approximately $470 million in projected customer deposits. The net amount of projected deposits less projected non-cash assets, estimated at approximately $467 million, will be paid in cash by H&R Block Bank to Republic at closing.
The transaction is subject to multiple regulatory approvals. Portions of the deal could take until late in the second quarter of 2014 to complete.