BofI Holding, Inc. Announces Acquisition of Trustee and Fiduciary Services Business from Epiq
April 04 2018 - 4:15PM
Business Wire
BofI acquires Epiq Chapter 7 bankruptcy and
fiduciary deposit business
BofI Holding, Inc. (the “Company” or “BofI”) (NASDAQ: BOFI),
parent of BofI Federal Bank (the “Bank”), announced today that
a subsidiary of the Bank has acquired the bankruptcy trustee and
fiduciary services business (the “Business”) of Epiq. From its
primary Chapter 7 office in Kansas City, Kansas, the business
provides specialized software and consulting services to Chapter 7
and non-7 trustees and fiduciaries in all 50 states.
“We are excited about the addition of the trustee and fiduciary
services team from Epiq,” Greg Garrabrants, President and Chief
Executive Officer of BofI stated. “With the acquisition of
comprehensive software solutions and a dedicated service team, we
look forward to serving Chapter 7 and non-7 trustees nationwide.
This business generates fee income from bank partners and
bankruptcy cases, as well as low-cost deposits. It adds a new
specialty deposit vertical and further diversifies our funding over
time.”
“We believe the combination of our former Chapter 7 business and
BofI’s specialty deposit capabilities will create significant value
and opportunities for the Chapter 7 trustees, non-7 trustees and
employees alike,” said John Davenport, Jr., Chief Executive
Officer, Epiq.
The Company expects the acquisition to be immediately accretive
to earnings. The all-cash transaction was funded from existing
capital at the Bank. For additional information regarding the
transaction, please see the investor presentation posted on the
Company’s holding company website, bofiholding.com.
About Epiq
Epiq, a global leader in the legal services industry, takes on
large-scale, increasingly complex tasks for corporate counsel, law
firms, and business professionals with efficiency, clarity, and
confidence. Clients rely on Epiq to streamline the administration
of business operations, class action and mass tort, court
reporting, eDiscovery, regulatory, compliance, restructuring, and
bankruptcy matters. Epiq subject-matter experts and technologies
create efficiency through expertise and deliver confidence to
high-performing clients around the world. Learn more at
www.epiqglobal.com.
About BofI Holding, Inc.
BofI Holding, Inc. is the holding company for BofI Federal Bank,
a nationwide bank that provides financing for single and
multifamily residential properties, small-to-medium size businesses
in target sectors, and selected specialty finance receivables. With
approximately $8.9 billion in assets, BofI Federal Bank provides
consumer and business banking products through its low-cost
distribution channels and affinity partners. BofI Holding, Inc.’s
common stock is listed on the NASDAQ Global Select Market under the
symbol “BOFI” and is a component of the Russell 2000® Index, the
S&P SmallCap 600® Index, and the KBW Nasdaq Financial
Technology Index. For more information on BofI Federal Bank, please
visit bofifederalbank.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including without limitation
statements regarding the effects on the Company’s earnings from the
transaction with Epiq, and the Company’s ability to scale the
business efficiently and profitably and realize other anticipated
benefits from the transaction. These forward-looking statements are
made on the basis of the views and assumptions of management
regarding future events and performance as of the date of this
press release. Actual results and the timing of events could differ
materially from those expressed or implied in such forward-looking
statements as a result of risks and uncertainties, including
without limitation changes in interest rates, inflation, government
regulation, general economic conditions, conditions in the real
estate markets in which we operate and other factors beyond our
control. These and other risks and uncertainties detailed in BofI’s
periodic reports filed with the Securities and Exchange Commission
could cause actual results to differ materially from those
expressed or implied in any forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and BofI undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180404006215/en/
Investor Relations Contact:BofI Holding, Inc.Johnny Lai, CFAVP,
Corporate Development & Investor
Relations858-649-2218jlai@bofi.com
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