BofI in California Plans $50M Offering

BofI Holding in San Diego is planning a new $50 million offering after raising the same amount earlier this year.

The $4.8 billion-asset BofI filed a prospectus last week for the at-the-market offering, which will allow the company to sell stock incrementally. FBR Capital Markets, Sterne Agee & Leach and Raymond James will serve as distribution agents.

BofI plans to use the funds to provide more flexibility in its capital management, Greg Garrabrants, the company's president and chief executive, said in a press release. The new offering "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," he said.

BofI is in the process of buying H&R Block Bank, though the deal has been delayed as the companies await regulatory approval. BofI, which has had no problem generating loan growth, recently agreed to buy $125 million in deposit accounts from First Marblehead's Union Federal Savings Bank.