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ORANGE COUNTY BRIEFLY

Purchase Clears Hurdle

May 09, 1997

SANTA ANA — Tax giant H&R Block's proposed acquisition of high-risk mortgage lender Option One Mortgage Corp. in Santa Ana has received early clearance from the Federal Trade Commission.

H&R Block, based in Kansas City, plans to purchase Option One from Fleet Financial Group Inc. for $190 million in cash. Option One made $1.1 billion in loans nationwide last year. Block officials said they expect the deal to close in June.

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