San Diego Business Journal

Bank of Internet Parent Raises $13.8M, Plans to Move Headquarters

Friday, December 16, 2011

BofI Holding Co., the parent firm of San Diego-based Bank of Internet USA, said it completed the sale of 862,500 shares of its common stock at $16 per share Dec. 13, raising $13.8 million.

The company said it plans to use the net proceeds for general corporate purposes and possible acquisitions.

B. Riley & Co. served as the sole underwriter, the third time it has acted in that role for BofI in the past 18 months.

BofI is also relocating its headquarters. The company said in a securities filing Dec. 5 that it entered into an eight-year lease for offices at 4350 La Jolla Village Drive, Suite 600, in the University City area.

BofI said it intends to relocate from its existing office at 12777 High Bluff Drive in Carmel Valley. It has a lease there through October.

The new office has nearly 40,000 square feet, and the capacity to add 18,000 square feet in the same building. It now leases about 32,000 square feet.

According to the filing, the base monthly rent in the first year will be $98,249.

— Mike Allen