BofI Holding

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BofI Holding, Inc.
Public company
Traded as NASDAQBOFI
S&P 600 Component
Russell 2000 Component
Industry Financial services
Founded 1999 (1999)[1]
Founder Gary Evans Lewis[2]
Headquarters San Diego, California[1]
Number of locations
1 branch[3]
Key people
Gregory Garrabrants, President & CEO[1]
Products Online banking
Mortgages
Credit cards
Checking accounts
Money market accounts
Certificate of deposit
Revenue Increase US$0.317 billion (2016)[1]
Increase US$0.119 billion (2016)[1]
Total assets Increase US$8.2 billion (2017)[4]
Total equity Increase US$0.683 billion (2016)[1]
Number of employees
647[1]
Website www.bankofinternet.com

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.[3]

History[edit]

BofI Holding, Inc. (BofI) was incorporated in Delaware in 1999 for the purpose of organizing and opening a direct bank.[5] 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.[5]

The company became a public company via an initial public offering on March 15, 2005.[1] It offered 3,052,745 shares of common stock at a price of $11.50 per share.[6]

In October 2011, Bank of Internet USA changed its name to BofI Federal Bank although continued to use the original name as a brand for retail business.[7][8]

In 2014, BofI reached an agreement with H&R Block to acquire H&R Block Bank and to act as the bank for H&R Block's branded financial service products such as credit cards and lines of credit.[9]

In 2016, the company launched a co-branded Individual Retirement Accounts (IRAs) program with H&R Block.[10]

As of June 30, 2016, 68% of the company's loans were secured by properties in California, 7% were secured by properties in New York, and 6% were secured by properties in Florida.[1]

In 2017, a marketing executive at the bank was accused of paying $500,000 in bogus consulting fees to her husband.[11]

Brands[edit]

The company offers banking products under the following names:[1][12]

  • BofI Federal Bank provides checking, money market, savings and lending products to business banking customers across the US. Operating exclusively online, they claim to have some of the highest deposit interest rates with low loan rates and fees. [13]
  • 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 down, albeit at higher interest rates.[14]
  • 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.

References[edit]

External links[edit]