BofI Holding Inc. in San Diego announced Monday that it has changed the name of its federally chartered savings bank from Bank of Internet USA to BofI Federal Bank.
The $2 billion-asset bank said that Bank of Internet would remain its flagship brand, operating as a division of BofI Federal Bank. Its other three divisions, Apartmentbank.com, BofIAdvisor.com and ufbdirect.com, would retain their names and also operate as divisions of BofI Federal Bank.
Apartmentbank.com offers loans on multi-family properties; BofIAdvisor.com offers banking products with high interest rates to broker/dealers and financial advisors; and ufbdirect.com is an online bank that offers airline miles for everyday banking.
While the name change might suggest a strategy shift, BofI Holding's President and Chief Executive Officer Gregory Garrabrants said in a news release that the company remains committed to branchless banking. "The cost efficiencies inherent in our business model will continue to allow us to grow our consumer banking franchise and extend that franchise into certain segments of the business banking marketplace," he said.