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Republic Drops Block Bank Bid

Tuesday, Oct 08 2013
Tax
Written by 

Republic bankRepublic Bank & Trust has terminated its agreement to buy H&R Block Bank. Republic Bancorp, the parent of RB&T, disclosed its decision this week with an SEC filing. Republic said it notified Block that RB&T was dropping the bid because it had withdrawn applications before the Office of the Comptroller of the Currency.

Those applications sought to consolidate its RB&T and Republic Bank, F.S. B charters into one national bank charter.

Block and Republic made the agreement on July. The bank's decision is a big blow to Block which wants out of the business of running bank and being regulated as a bank holding company so that it can concentrate on its tax preparation operations and grow its financial services business.

"We will explore all alternatives for achieving these goals and believe that we will be able to do so," Block said in a prepared statement.

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