B of I Files Universal Shelf Registration
© Marketwire 2009
25.11.2009 17:48:38
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(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
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