BofI Federal Bank Signs Agreement to Acquire $3 Billion of Deposits from Nationwide Bank
03 Août 2018 - 1:30PM
Business Wire
BofI Holding, Inc. (NASDAQ: BOFI) (the “Company”), parent of
BofI Federal Bank (“BofI” or the “Bank”), announced today that the
Bank has signed a deposit purchase and assumption agreement (“DAA”)
with Nationwide Bank to acquire approximately $3 billion in
deposits from Nationwide Bank, including $1 billion in checking,
savings and money market accounts and $2 billion in time deposit
accounts. BofI and Nationwide Bank expect to receive regulatory
approval and complete the deposit acquisition and transfer during
the fourth quarter of 2018.
“We are excited to welcome Nationwide Bank’s nearly 100,000
deposit customers to BofI,” began Gregory Garrabrants, President
and Chief Executive Officer of BofI Holding, Inc. “Our track record
of successfully completing similar transactions with Principal Bank
and H&R Block provide us with a high degree of confidence that
we will have a seamless transition. We look forward to offering
Nationwide Bank customers our full suite of consumer, commercial
and small business banking products and services once the
transaction closes.”
“BofI is a strong and stable institution with many similarities
to Nationwide Bank. Both companies are direct, digital banks with a
customer-centric approach to banking,” said Terrance Williams,
Chief Marketing Officer and President of Emerging Businesses for
Nationwide. “Because of these similarities, as well as BofI’s depth
of product offerings and history of successful transitions, we feel
confident that it’s the right partner to provide banking services
to our customers going forward.”
A deposit premium commensurate with the fair market value of the
deposits purchased will be funded from excess capital at the Bank.
The Company expects the transaction to be immediately accretive to
earnings and tangible book value.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is
one of the largest and strongest diversified insurance and
financial services organizations in the U.S. and is rated A+ by
both A.M. Best and Standard & Poor’s. The company provides a
full range of insurance and financial services, including auto,
commercial, homeowners, farm and life insurance; public and private
sector retirement plans, annuities and mutual funds; banking and
mortgages; excess & surplus, specialty and surety; pet,
motorcycle and boat insurance. For more information, visit
www.nationwide.com.
About BofI Holding, Inc.
BofI Holding, Inc. (NASDAQ: BOFI) 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 $9.5 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 relating to BofI and Nationwide Bank's receipt of
regulatory approval and ability to complete the deposit
transaction, BofI's financial prospects and other projections of
its performance and asset quality, BofI's ability to grow and
increase its business, diversify its lending, and the anticipated
timing and financial performance of new initiatives. 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 our ability to
successfully combine and integrate the assumed deposits from
Nationwide Bank and our ability to do so without disrupting our
ongoing business. 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/20180803005124/en/
BofI Holding, Inc.Johnny Lai, CFAVP, Corporate Development and
Investor Relations1-858-649-2218jlai@bofi.com
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