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BofI Holding Announces $50 Million At-the-Market Common Stock Offering

San Diego-based BofI Holding Inc., parent company of BofI Federal Bank, announced the completion of its $50 million at-the-market common stock offering commenced in July 2014 and the initiation of a new $50 million at-the-market common stock offering through the filing of a prospectus supplement with the SEC under BOFI’s effective shelf registration statement filed on Feb. 19.

The $350 million shelf registration statement filed on Feb. 19 replaces a prior shelf registration statement that was set to expire on March 27. The equity distribution agreement was executed Feb. 24 for the new $50 million at-the-market common stock offering.

“The ATM offering has given us the flexibility to manage capital in a disciplined manner while maintaining a high ROE (return on equity),” said Greg Garrabrants, president and chief executive officer. “With a healthy loan pipeline, this new $50 million ATM will allow us to maintain the same capital allocation strategy by supplementing our organic capital generation with incremental new issuance on an as-needed basis.”

According to BOFI, under the new equity distribution agreement it may, from time to time and at its discretion, offer and sell shares of its common stock having an aggregate value of up to $50 million through FBR Capital Markets & Co., Sterne Agee & Leach Inc., and Raymond James & Associates Inc.

BOFI said it intends to use the possible net proceeds from this offering for general corporate purposes.

BofI Federal Bank is a branchless bank providing its consumer and business banking services through online and other channels.

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