|Traded as||NASDAQ: BOFI
S&P 600 Component
Russell 2000 Component
|Founder||Gary Evans Lewis|
|Headquarters||San Diego, California|
Number of locations
|Gregory Garrabrants, President & CEO|
Money market accounts
Certificate of deposit
|Revenue||US$0.317 billion (2016)|
|US$0.119 billion (2016)|
|Total assets||US$8.2 billion (2017)|
|Total equity||US$0.683 billion (2016)|
Number of employees
BofI Holding, Inc. is a bank holding company based in San Diego, California. It is the parent company of 8 direct banks, which are national banks that are regulated by the Office of the Comptroller of the Currency. The company has only one branch, which is in San Diego.
- BofI Federal Bank, operating under the name Bank of Internet USA, is a direct bank that offers consumer banking, business banking, mortgages, commercial and industrial lending, checking accounts, money market accounts, certificates of deposit and cash management solutions. The bank has made larger loans to wealthy individuals that other banks have turned town, albeit at higher interest rates.
- Annuitants Federal Bank, or AnFed Bank, purchases structured settlements and lottery prize annuity payments.
- Apartment Bank provides financing to investors of multifamily, mixed use, student, and other rental housing.
- BofI Advisor offers investment products and advisory services.
- NetBank offers checking and savings accounts to people who may have been declined by other banks.
- UFB Direct is an online bank whose primary product is an Airline Rewards Checking account that allows customers to earn airline miles when they use their debit card and have direct deposit.
- Virtus Bank is a concierge bank catering to high net worth individuals.
BofI Holding, Inc. (BofI) was incorporated in Delaware in 1999 for the purpose of organizing and opening a direct bank. After designing and implementing a platform for deposit accounts and loans, it formed the Bank of Internet in 2000 to provide online banking services to its customers.
In 2016, the company launched a co-branded Individual Retirement Accounts (IRAs) program with H&R Block.
In 2017, a marketing executive at the bank was accused of paying $500,000 in bogus consulting fees to her husband.
- BofI Holding, Inc. 2016 Form 10-K Annual Report
- Naake, Spencer (July 22, 2014). "How BofI Holding, Inc. Revolutionized the Banking Industry Almost 20 Years Ago". The Motley Fool.
- Bank of Internet: FAQ
- "BofI Holding, Inc. to Announce Third Quarter 2017 Results on April 25, 2017" (Press release). April 10, 2017.
- BofI Federal Bank: Our Brands
- "BofI Holding Inc. Changes Name of Bank Subsidiary to BofI Federal Bank" (Press release). Marketwired. October 3, 2011.
- EAVIS, PETER (August 22, 2015). "An Internet Mortgage Provider Reaps the Rewards of Lending Boldly". New York Times.
- Securities and Exchange Commission (December 16, 2004). "BofI Holdings – Form S1".
- B of I Holding, Inc. Prospectus March 14, 2005
- "BofI Holding Inc. Changes Name of Bank Subsidiary to BofI Federal Bank". www.sec.gov. Marketwired. October 3, 2011.
- "H&R Block Reaches Definitive Agreement to Divest its Bank" (Press release). April 10, 2014.
- "Bank of Internet USA Launches Individual Retirement Accounts (IRAs) Through H&R Block Partnership". CNN. January 13, 2016.
- Dugan, Kevin (April 6, 2017). "Feds probe of Bank of Internet helped by aquarium employee". New York Post.