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 Holding, Inc.’s common stock is listed on the NASDAQ under its Global Select Market and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. Its ticker symbol is BOFI. Gregory Garrabrants serves as the company’s president and chief executive officer.
Current operations
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.
Brands
The company offers banking products under the following names:
- BofI Federal Bank is a direct bank that offers business banking, commercial and industrial lending, checking accounts, money market accounts, certificates of deposit and cash management solutions.
- Bank of Internet USA is a consumer bank that provides high interest checking, savings, money market accounts, mortgage, personal loans and IRAs.
- 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.
- Bank X primarily targets tech-savvy customers that are members of Generation X or Generation Y.
- 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.
History
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.
The company became a public company via an initial public offering on March 15, 2005. It offered 3,052,745 shares of common stock at a price of $11.50 per share.
Seeking Alpha contributor Andrew August recognized BofI’s continued growth in 2011, stating “[t]he company also holds a portfolio of residential mortgage backed securities (RMBS) valued at $561 [million]…the real estate market backing them would have to absolutely crumble for them to take a hit.â€
H&R Block
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. In 2016, the company launched a co-branded Individual Retirement Accounts (IRAs) program with H&R Block. This partnership with H&R Block expanded in 2017. H&R Block named BofI Federal Bank, a subsidiary of BofI Holding, as the exclusive provider of interest- free Refund Advances loans for the 2018 tax season.
Awards
2012
- BofI Holding, Inc. ranked first place “The Best of the Biggest Thrifts†by SNL Financial
2013
- BofI Holding, Inc. ranked first place “The Best of the Biggest Thrifts†by SNL Financial
2014
- BofI Holding, Inc. ranked first place “The Best of the Biggest Thrifts†by SNL Financial
- BofI Holding ranked #69 on Fortune 100 Fastest-Growing Companies
2015
- BofI Holding, Inc. named one of the top performing banks in Bank Director Magazine’s 2015 Bank Performance Scorecard
- BofI Holding ranked #56 on Fortune 100 Fastest-Growing Companies
- BofI Holding, Inc. named 2015 Bank & Thrift Sm-All Star
- BofI Holding, Inc. Named Best Public Thrift for 2015 by SNL Financial
2016
- S&P Global Market Intelligence names BofI Holding the 7th Best Performing Community Bank with $1b-$10b in assets
- Ranked #48 on Fortune Inc. 100 Fastest-Growing Companies
- Made the 2016 Raymond James Community Bankers Cup Winners list
- BofI Holding, Inc. Named Top Public Thrift for 2016 by SNL Financial
- Top Residential Real Estate Lender by Bank Director Magazine
2017
- BofI Holding, Inc. Named Top-5 Performing Bank by Bank Director for 3rd Consecutive Year
References
External links
- Official BofI Holding, Inc. Website
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