B of I Files Universal Shelf Registration
November 25 2009 - 11:41AM
Marketwired
BofI Holding, Inc. (B of I or the Company) (NASDAQ: BOFI), parent
of Bank of Internet USA (Bank), has filed a shelf registration
statement on Form S-3 with the Securities and Exchange Commission.
When declared effective by the SEC, the shelf registration
statement will allow the Company to raise capital from time to
time, up to an aggregate of $125.0 million, through the sale of
debt securities, common and preferred stock and warrants. Terms and
prices, as well as use of proceeds, will be determined at the time
of each offering and will be disclosed in a separate prospectus
supplement to be filed with the SEC at the time of the offering.
"Although the Bank has no definitive plans to raise capital at
this time, we continue to see extraordinary opportunity to deploy
capital. Raising capital from time-to-time to support purchases and
originations of high credit quality assets and to facilitate
potential acquisitions will provide our Bank with the ability to
profit from market opportunities and realize the economies of scale
inherent in our business," said Greg Garrabrants, President and
Chief Executive Officer. "Once approved, the shelf registration
will provide B of I the flexibility to issue debt or equity for up
to three years, the amount of which is subject to securities law
limits." Mr. Garrabrants added, "If issued today, given our
decision to file an S-3, our maximum issuance of common equity
would be limited to approximately $15.0 million. However, as the
market capitalization of our common stock increases, we expect our
maximum issuance limit to increase. We will continue to be
sensitive to how we invest and deploy our capital with a focus on
continued earnings growth as measured on a per share basis in order
to provide strong returns for our common shareholders. I look
forward to discussing both our business opportunities and our
thoughts on what type of opportunities would entice us to raise
capital on our fiscal second quarter conference call."
The registration statement on Form S-3 filed with the SEC has
not yet become effective. Securities may not be sold nor may offers
to buy be accepted prior to the time that the registration
statement becomes effective. This news release does not constitute
an offer to sell, or the solicitation of an offer to buy
securities, nor shall there be any sale of securities in any state
or other jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification of the
securities under the securities laws of that state or jurisdiction.
Any offer of securities covered by the registration statement will
be made solely by means of a prospectus included in the
registration statement and a prospectus supplement with respect to
such offering.
About BofI Holding, Inc. and Bank of Internet USA
BofI Holding, Inc. is the holding company of Bank of Internet
USA and trades on NASDAQ under the symbol BOFI. Bank of Internet
USA is a consumer focused, FDIC insured, nationwide savings bank
operating primarily over the Internet. It offers a variety of
consumer banking services, focusing primarily on gathering retail
deposits over the Internet and originating and purchasing
multifamily and single-family mortgage loans. Bank of Internet USA
offers products through its websites at bankofinternet.com and
ApartmentBank.com. Retail deposit products include certificates of
deposit, online checking accounts with check images, bill payment,
high interest savings accounts, ATM or Visa Check Cards, money
market savings accounts, and ATM fee reimbursement anywhere in the
world.
The preceding release contains statements that constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The words "believe,"
"estimate," "expect," "intend," "anticipate" and similar
expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates which
they were made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise. Readers are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, and that actual results may differ materially from
those indicated in the forward-looking statements as a result of
various factors. Readers are cautioned not to place undue reliance
on these forward-looking statements.
Contact: BofI Holding, Inc. Gregory Garrabrants CEO 858/350-6203
Email Contact
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