BofI Holding, Inc. is a bank holding company based in San Diego, California. It is the parent company of 8 direct banks. The company has only one branch, which is in San Diego.
Approximately 69.57% of the company's loans are secured by properties in California, 8.23% are secured by properties in New York, and 6.06% are secured by properties in Florida.
Video BofI Holding
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 to provide online banking services to its customers. Bank of Internet began operations on July 4, 2000.
On March 15, 2005, the company became a public company via an initial public offering It offered 3,052,745 shares of common stock at a price of $11.50 per share.
In October 2011, Bank of Internet USA changed its name to BofI Federal Bank, although the bank continued to use the original name as a brand.
In September 2013, the company acquired $173 million in deposits from Principal Bank.
In September 2015, the company acquired H&R Block Bank became the issuing bank for H&R Block-branded credit cards and lines of credit.
In January 2016, the company launched a co-branded Individual Retirement Accounts (IRAs) program with H&R Block.
In March 2016, the company acquired $140 million of equipment leases from Pacific Western Equipment Finance.
In 2017, a marketing executive at the bank was accused of paying $500,000 in bogus consulting fees to her husband.
Maps BofI Holding
Brands
The company offers banking products under the following names:
- BofI Federal Bank is a direct bank that offers banking products to businesses.
- 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.
- Annuitants Federal Bank, or AnFed Bank, purchases structured settlements and lottery prize annuity payments.
- Apartment Bank provides financing for multifamily, mixed use, student, and other rental housing.
- Bank X primarily targets Generation X and 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 a direct bank whose primary product is a checking account that allows customers to earn miles towards a frequent-flyer program.
- Virtus Bank is a concierge bank catering to high-net-worth individuals.
References
External links
- Official BofI Holding, Inc. Website
Source of the article : Wikipedia
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