BofI Holding in San Diego has bought a bankruptcy trustee and fiduciary services business from Epiq.
The $8.9 billion-asset company said in a press release Wednesday that one of its units acquired the business, which provides specialized software and consulting services tied to Chapter 7 bankruptcies. It also advises other types of trustees and fiduciaries.
BofI did not disclosed how much it paid in the all-cash deal, though it said the purchase was funded with existing capital at its bank.
The deal will generate fee income from bank partners and bankruptcy cases, while also bringing in low-cost deposits, Greg Garrabrants, BofI's president and CEO, said in the release.
“It adds a new specialty deposit vertical and further diversifies our funding over time,” he added.
Epiq provides integrated technology and services for the legal profession.