H&R Block said it received regulatory approval to sell its bank unit to BofI Federal Bank and expects to exit Federal Reserve oversight.

The transaction will be completed no later than Sept. 30, Kansas City, Missouri-based H&R Block said Wednesday in a statement.

"Shortly after closing, H&R Block will cease to be regulated as a savings and loan holding company," the firm said in the statement.

Shares of H&R Block fell the most in more than two years in October when the sale was delayed.

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