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.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access