Top Checking Account Banks

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BofI Holding, Inc. is the publicly traded, California-based parent company for Bank of Internet Federal Bank. BofI Federal Bank is a federally chartered, OCC-regulated branchless bank that distributes a variety of financial products through a branchless distribution network.

Headquartered in San Diego, BofI Holding, Inc. 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.

BofI Holding, Inc. oversees eight diversified division brands that are unified under BofI Federal Bank. BofI Holding Inc.'s brands provide financing for single and multifamily residential properties, small-to-medium size businesses, as well as consumer and business banking products.

Each of these brands operates exclusively online. Because they do not incur the higher operating costs inherent in a branch-based distribution system, they are able to provide a better value to customers through industry-leading interest rates on deposit products are and loan products featuring low rates and fees.


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BofI Holding Inc. Brands

BofI Federal Bank

BofI Federal Bank is a direct bank that offers business banking, home loans, and commercial and industrial lending. It offers checking accounts, money market accounts, certificates of deposit and cash management solutions for businesses.

Bank of Internet USA

Bank of Internet USA is the flagship consumer direct Internet banking brand of BofI Federal Bank. 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."

Annuitants Federal Bank

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

Apartment Bank

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

Bank X

Bank X is branded around its X Checking and X Savings products, intended to serve the needs of consumers who leads an active lifestyle.

BofI Advisor

BofI Advisor offers investment products with competitive rates, customizable marketing collateral, high-touch service, and an online Advisor platform. All backed by the security of the FDIC .

NetBank

NetBank is the "second-chance" brand among BofI Federal Bank's banking brands. NetBank offers checking and savings accounts to people who may have been declined by other banks.

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 .

Virtus Bank

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


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History

BofI Holdings, Inc. (BofI) was incorporated in Delaware in 1999 for the purpose of organizing and opening an Internet-based 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 2001, BofI began issuing and selling unregistered securities in the form of common-stock options to consultants, directors, and employees in order to "improve operations and increase profits." In 2003, it began offering preferred stock to select investors. A 2004 stock incentive program provided an additional opportunity for consultants, directors, and employees to invest in BofI.

2005 to 2009

According to filings with the Securities and Exchange Commission, BofI began publicly trading common stock on the NASDAQ National Market on March 15, 2005. It offered 3,052,745 shares of common stock at an initial public offering price of $11.50. On its first day of trading, BofI's stock opened at $11.55 and closed at $11.50.

Following its initial stock offering, BofI Holding, Inc. continued to expand. A 2005 annual report showed an increase in total assets from $217.6 million in 2002 to $609.5 million in 2005. Its net income rose from $1.0 million to $2.9 million over the same period. By October 2007, BofI announced that it had total assets of over $1 billion.

2010 to 2014

In October 2011, Bank of Internet USA changed its name to BofI Federal Bank. 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.

In 2012, the company had assets in excess of $2.2 billion. In June of the same year, BofI was added to the NASDAQ's OMX AMA Community Bank Index (NASDAQ: ABQI), which serves as a benchmark for other banks. Shortly after, Zachs.com rated BofI a strong buy in August 2012 as its stock traded above $22.00.

In 2014, BofI reached an agreement with H&R Block, Inc. to act as the bank for H&R Block's branded financial service products including Emerald Prepaid MasterCard®, Refund Transfers, and Emerald Advance® lines of credit through H&R Block's retail and digital channels. That same year, its flagship consumer brand Bank of Internet USA's Rewards Checking account was named one of "The 5 Best Online Checking Accounts of 2014" by GoBankingRates.com.

2015 - Present

BofI Holding, Inc. was named one of the top performing banks in Bank Director Magazine's 2015 Bank Performance Scorecard. NerdWallet also recognized BofI Holding in 2015 for their Bank of Internet USA Rewards Checking as a top checking account with the "Best ATM Options." At the end of 2015, BofI Holding, Inc. reported just under $6.7 billion in total assets.

BofI Holding continued to strengthen its partnership with tax leader H&R Block in 2016 by launching a co-branded Individual Retirement Accounts (IRAs) program. This program, available to H&R Block customers, aims to "maximize tax contributions for the 2015 tax year without paying any account opening fees."

Source of the article : Wikipedia



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