SAN DIEGO, CA -- (MARKET WIRE) -- 10/23/07 --
B of I Holding, Inc. (NASDAQ: BOFI) ("BofI"),
parent of Bank of Internet USA ("Bank"), announced today that its board of
directors has unanimously appointed Gregory Garrabrants to serve as the
Company's Chief Executive Officer. Gary Evans has relinquished the CEO
role, but remains as President and Chief Operating Officer of the Bank.
The Bank's Chairman Jerry Englert stated, "The search committee undertook a
rigorous process and when we met Mr. Garrabrants the entire committee
agreed we'd found a creative and decisive leader with the right experience
to lead our company into its next phase of growth. Mr. Garrabrants brings
a track record of successful business development in financial services and
a unique blend of strategic and financial skills developed at best-in-class
institutions. He will be a strong complement to our executive team."
"I am fortunate to be joining the strong team already in place at BofI,"
said Garrabrants. "With the right adjustments to the Bank's business
model, BofI has the opportunity to significantly increase profitability
while maintaining its strong focus on safety and soundness. I am eager to
start working to make the necessary adjustments to enhance our
performance."
Mr. Garrabrants most recently served as Senior Vice President of IndyMac
Bancorp Inc, the nation's 7th largest thrift (NYSE: IMB), where he led the
business development group responsible for merger & acquisitions, joint
ventures, and strategic alliances. Prior to IndyMac, Mr. Garrabrants
worked for Goldman Sachs as an investment banker. Before that, Mr.
Garrabrants worked at McKinsey & Company focusing on financial institutions
clients. While at McKinsey, Garrabrants advised top management of
financial institutions on strategy development, marketing and sales force
effectiveness, and acquisition and joint venture opportunities. Prior to
McKinsey, Mr. Garrabrants completed a federal judicial clerkship at the
U.S. District Court in Los Angeles. He began his career at Deloitte &
Touche.
Mr. Garrabrants earned his Juris Doctorate, Magna Cum Laude, and M.B.A.,
with highest distinctions, from Northwestern University, and a B.S. in
Engineering from the University of Southern California. Garrabrants is a
Chartered Financial Analyst and member of the California Bar.
About BofI Holding, Inc. and Bank of Internet USA
BofI Holding, Inc. is the holding company of Bank of Internet USA and
trades on NASDAQ under the symbol BOFI. Bank of Internet USA is a consumer
focused, FDIC insured, nationwide savings bank operating primarily over the
Internet. It offers a variety of consumer banking services, focusing
primarily on gathering retail deposits over the Internet and originating
home equity loans, auto loans and RV loans, as well as originating and
purchasing multifamily and single-family mortgage loans. Bank of Internet
USA offers products through its websites at www.BofI.com,
www.SeniorBofI.com, www.ApartmentBank.com, www.RVBank.com and
www.BofIEquityDirect.com. Retail deposit products include certificates of
deposit, online checking accounts with check images, bill payment, high
interest savings accounts, ATM or Visa Check Cards, money market savings
accounts, and ATM fee reimbursement anywhere in the world.
©Copyright 2000-2007, BofI Holding, Inc., All Rights Reserved.
Contact:
Greg Garrabrants
Chief Executive Officer
858-350-6203