The Office of Thrift Supervision approved an application from H&R Block Inc. to organize a federal savings bank in Kansas City, Mo.
The savings bank will operate as a traditional thrift institution. The regulator said Block plans to capitalize the new savings bank with about $160 million, plus an additional capital contribution of $25 million by the end of its first year of operation. OTS also said in a statement that the bulk of business for the bank in its first quarter is expected to be mortgage purchases from H&R Block-affiliated mortgage companies.
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