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BofI Federal Bank

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BofI Federal Bank
Company typepublic
Nasdaq: BOFI
IndustryBanking
Founded1999 (1999)
Headquarters
San Diego
,
United States
Key people
Gregory Garrabrants (CEO)
Productsdirect banking
Brands
Total assets$7.7 billion
Websitewww.bofifederalbank.com

BofI Federal Bank is an American diversified financial services company headquartered in San Diego, California.[1] The branchless bank is federally chartered, regulated by the Office of the Comptroller of the Currency (OCC),[2] and insured by the Federal Deposit Insurance Corporation (FDIC).[3] Their holding company, BofI Holding, Inc., is publicly traded on the NASDAQ Global Select Market under the symbol BOFI.[4]

As of June 2016, BofI Federal Bank claimed approximately $7.7 billion in total assets .[5]

Bank Products

The BofI Federal Bank business plan operates at half the cost of a typical bank as a result of the bank’s efficient distribution channel and their ability to operate without high-cost branch locations.[6]

BofI Federal Bank is a leader in providing business banking solutions with some of the nation’s leading rates for business checking accounts, money market accounts, certificates of deposit and cash management solutions for businesses.[7]

BofI Federal Bank also offers property lending for qualified borrowers. The bank specializes in business lending for income properties, commercial and industrial spaces, as well as third party mortgage opportunities.[8]

History

BofI Holding, Inc. was incorporated in the State of Delaware on July 6, 1999.[9] The holding company then opened BofI Federal Bank under the name of Bank of Internet USA in 2000, using an Internet-based banking platform to limit its operating expenses and thereby offer attractive interest rates and low fees on products to its customers.[9]

In October 2011, Bank of Internet USA changed its name to BofI Federal Bank.[10] Bank of Internet USA continues to operate as a subsidiary group of BofI Federal Bank, which acts as an umbrella entity under which all of the division brands BofI Holding, Inc. are unified.[11]

Brands

There are currently eight division brands unified under the BofI Federal Bank umbrella.

Bank of Internet USA

Bank of Internet USA is the flagship consumer direct Internet banking brand of BofI Federal Bank.[12] As a brand, it focuses on personal banking products and services aimed toward individual consumers, including checking and savings accounts, as well as mortgages. Its motto is “America’s Oldest and Most Trusted Internet Bank.”[13]

Annuitants Federal Bank

Annuitants Federal Bank, or AnFed Bank, purchases structured settlements and lottery prize annuity payments with cash.[14]

Apartment Bank

Apartment Bank provides financing to investors of multifamily, mixed use, student, and other rental housing .[15]

Bank X

Bank X is branded around its X Checking and X Savings products , intended to serve the needs of the consumer who leads an “active lifestyle.”[16]

BofI Advisor

BofI Advisor offers financial products and services to financial advisors seeking competitive rates and custom-tailored service, all backed by the security of the FDIC .[17]

NetBank

NetBank is the “second-chance” brand among BofI Federal Bank’s banking brands. NetBank offers checking and savings accounts to people whose business might have been declined by other banks .[17]

UFB Direct

UFB Direct is an online bank that features an Airline Rewards Checking account that allows customers to earn airline miles when they use their debit card and have direct deposit.[18] According to The Free-quent Flyer blog, this is the last of three publicly available accounts that earns miles on PIN transactions, with Bank of America’s Alaska Airlines debit card and Suntrust Delta SkyMiles World Check Card having been retired.[19]

Virtus Bank

Virtus Bank is the concierge banking brand of BofI Federal Bank, offering premier checking and savings products and services .[20]

Philanthropy

BofI Federal Bank has provided support to a number of nonprofit organizations in the San Diego community, including San Diego Habitat for Humanity, Meals on Wheels, Rady Children’s Hospital, and the Wounded Warrior Project.[21]

Leadership

Gregory Garrabrants is the president and chief executive officer (CEO) of BofI Federal Bank, positions that he has held since 2007.[22]

Other members of the BofI Federal Bank executive team as of March 2016 include Eshel Bar-Adon, Executive Vice President, Specialty Finance and Chief Legal Officer; Thomas Constantine, Executive Vice President and Chief Credit Officer; Jan Durrans, Executive Vice President, Chief of Staff, and Chief Performance Officer; Andrew J. Micheletti, Executive Vice President and Chief Financial Officer Committee Membership; and Eduardo Urdapilleta, Executive Vice President, Chief Deposit Officer and Chief Marketing Officer.[23]

Recognition

The bank’s various brands have received numerous awards and achievements since it was created in 1999.

BofI Federal Bank received a five-star (superior) rating from Bauer Financial, an independent financial rating agency.[24]

2012

  • BofI Holding, Inc. ranked first place “The Best of the Biggest Thrifts” by SNL Financial[25]

2013

  • BofI Holding, Inc. ranked first place “The Best of the Biggest Thrifts” by SNL Financial[25]

2014

  • BofI Holding, Inc. ranked first place “The Best of the Biggest Thrifts” by SNL Financial [25]
  • BofI Holding ranked #69 on Fortune 100 Fastest-Growing Companies [26]
  • Bank of Internet USA’s Rewards Checking account was named one of “The 5 Best Online Checking Accounts of 2014” by GoBankingRates.com.[27]
  • Bank of Internet USA Rewards Checking Account named 2014 Overall Best Online Checking Account by WalletHub.com [28]
  • Bank of Internet was named 1 of the Top 5 Online Banks of 2014 by MyBankTracker.com[28]

2015

  • Money named BofI Rewards Checking the best checking account (in a tie with Aspiration Summit) in its list of Best Banks in America 2015-16 [29]
  • BofI Holding, Inc. named one of the top performing banks in Bank Director Magazine’s 2015 Bank Performance Scorecard [30]
  • BofI Holding ranked #56 on Fortune 100 Fastest-Growing Companies [31]
  • NerdWallet named Bank of Internet USA Rewards Checking as a top checking account with the “Best ATM Options” [32]
  • BofI Holding, Inc. named 2015 Bank & Thrift Sm-All Star [33]
  • BofI Holding, Inc. ranked first place “The Best of the Biggest Thrifts” by SNL Financial [34]

2016

  • Bank of Internet USA named one of AdvisoryHQ Best Banks to Bank With in America “Best Online Banks” [35]
  • Bank of Internet USA named a 2016 “Best Online Bank” by GoBankingRates.com [36]
  • Bank of Internet USA’s Rewards Checking account was named one of “10 Best Checking Accounts of 2016” by GoBankingRates.com [37]
  • BofI Holding Inc. ranked Top Residential Real Estate Lender by Bank Director Magazine[38]

References

  1. ^ "Who Is BofI Federal Bank?". BofI Federal Bank. Retrieved 2016. {{cite web}}: Check date values in: |access-date= (help)
  2. ^ "Interview With The President And CEO: Bank of Internet USA (BOFI) - Gregory Garrabrants". Yahoo Finance. Retrieved 2016-03-12.
  3. ^ "FDIC Notice | BofI Federal Bank". www.bofifederalbank.com. Retrieved 2016-03-12.
  4. ^ "Corporate Profile". www.snl.com. Retrieved 2016-06-22.
  5. ^ "Who Is BofI Federal Bank?". BofI Federal Bank. Retrieved 2016-06-01.
  6. ^ "Interview With The President And CEO: Bank of Internet USA (BOFI) - Gregory Garrabrants". Retrieved 2016-06-23.
  7. ^ "Business Banking - BofI Federal Bank". BofI Federal Bank. Retrieved 2016-06-23.
  8. ^ "Online Banking & Financial Services | BofI Federal Bank". www.bofifederalbank.com. Retrieved 2016-06-23.
  9. ^ a b "Securities and Exchange Commission". www.sec.gov. Retrieved 2016-03-02.
  10. ^ "BofI Holding Inc. Changes Name of Bank Subsidiary to BofI Federal Bank". www.sec.gov. Retrieved 2016-06-22.
  11. ^ "BofI Holding Inc. Changes Name of Bank Subsidiary to BofI Federal Bank". Marketwire.
  12. ^ "Online Banking & Financial Services | BofI Federal Bank". www.bofifederalbank.com. Retrieved 2016-06-22.
  13. ^ "Bank of Internet USA - America's Oldest and Most Trusted Internet Bank". Bank of Internet USA. Retrieved 2016-06-22.
  14. ^ "About AnFed Bank: We Want to Buy Your Annuity". www.anfedbank.com. Retrieved 2016-06-22.
  15. ^ "Loan Products: Financing for Multifamily Housing | Apartment Bank". www.apartmentbank.com. Retrieved 2016-06-22.
  16. ^ "Bank X - Banking for Your Active Lifestyle". Bank X. Retrieved 2016-06-22.
  17. ^ a b "Bofi Federal Bank: Our Banking Brands". BofI Federal Bank. Retrieved 2016-06-22.
  18. ^ "Airline Rewards Checking | Debit Card | UFB Direct". www.ufbdirect.com. Retrieved 2016-06-22.
  19. ^ "UFB Direct Airline Rewards Checking accounts (amazingly) still available". The Free-quent Flyer. Retrieved 2016-03-03.
  20. ^ "Virtus Bank - Premier Checking and Savings Products". Virtus Bank. Retrieved 2016-06-22.
  21. ^ "Corporate Philanthropy | Community Involvement | BofI Federal Bank". www.bofifederalbank.com. Retrieved 2016-06-22.
  22. ^ "Gregory Garrabrants | President and CEO of BofI Federal Bank". www.bofifederalbank.com. Retrieved 2016-06-22.
  23. ^ "Executive Team | BofI Federal Bank". www.bofifederalbank.com. Retrieved 2016-06-22.
  24. ^ "Bank of Internet USA | Personal Banking | Mortgages". bofifederalbank.intelliresponse.com. Retrieved 2016-06-23.
  25. ^ a b c "BOFI Completes Three-Peat -- Named Best of the Biggest Public Thrifts by SNL Financial for the Third Year in a Row". www.snl.com. Retrieved 2016-06-23.
  26. ^ "Fortune 2014 100 Fastest Growing Companies". Fortune Magazine. 2014-08-14.
  27. ^ "Bank of Internet USA Rewards Checking Named One of "The 5 Best Online Checking Accounts of 2014"". Marketwired.
  28. ^ a b "How do you compare to other online banks?". Bank of Internet USA.
  29. ^ "The Best Bank for Debit Card Users". MONEY.com. Retrieved 2016-06-23.
  30. ^ "Bank Director :: Digital Edition". www.nxtbook.com. Retrieved 2016-06-23.
  31. ^ "Fastest-Growing Companies". Fortune Magazine. 2015-08-19. Retrieved 2016-06-23.
  32. ^ "Best Online Checking Accounts of 2016 - NerdWallet". Retrieved 2016-06-23.
  33. ^ "2015 Bank & Thrift Sm-all Star" (PDF). Community Bank. Retrieved 14 March 2016.
  34. ^ "BofI Holding Inc. Wins Best Public Thrift for the Fourth Year in a Row". BofI USA. Retrieved 2016-06-23.
  35. ^ "Best Banks to Bank with – No Fees, High-Yield Savings, Largest Banks, and Credit Unions". Advisory HQ. 2015-10-25.
  36. ^ "Announcing the Best Banks of 2016 | GOBankingRates". 2016-01-05. Retrieved 2016-06-23.
  37. ^ "10 Best Checking Accounts of 2016 | GOBankingRates". 2016-01-11. Retrieved 2016-06-23.
  38. ^ "BofI Holding, Inc. Ranked a Top Residential Real Estate Lender by Bank Director Magazine". Retrieved 2016-06-23.
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