H&R Block plans $3.5B stock buyback

H&R Block Inc. unveiled a $3.5 billion stock-buyback program after the tax-preparation company's deal to divest its bank business closed a month earlier than expected.

According to Dow Jones Newswires, regulators last month approved the bank business sale to Bofl Holding Inc., meaning H&R Block no longer has to maintain the high levels of capital that come with being regulated as a savings-and-loan holding company.

The company's management previously estimated excess capital of as much as $1 billion.

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