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BofI Federal Bank Reveals ‘Material Acquisition’ Nearing Close

BofI Federal Bank, the publicly traded San Diego-based financial institution, says it has a major deal in the works.

On July 26 the bank (Nasdaq: BOFI) announced it would be postponing its quarterly earnings call, which had been slated for that day, to Aug. 7, by which time it anticipates having finalized the acquisition proposal that’s being negotiated.

“The company is currently in advanced discussions regarding a material acquisition,” BofI said in a news release. “Given the advanced nature of the discussions, the company believes that, on its rescheduled fourth quarter 2018 conference call, it can provide the financial impact and strategic implications of the proposed acquisition.”

BofI, which provides consumer and business banking products, has about $10 billion in assets. The last quarter of its fiscal year 2018 ended June 30.


Reach reporter Sarah de Crescenzo at sarahd@sdbj.com.

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