BofI acquires Epiq Chapter 7 bankruptcy and fiduciary deposit business
SAN DIEGO -- (Business Wire)
BofI Holding, Inc. (the “Company” or “BofI”) (NASDAQ: BOFI), parent of
BofI Federal Bank (the “Bank”), announced today that a subsidiary of the
Bank has acquired the bankruptcy trustee and fiduciary services business
(the “Business”) of Epiq. From its primary Chapter 7 office in Kansas
City, Kansas, the business provides specialized software and consulting
services to Chapter 7 and non-7 trustees and fiduciaries in all 50
states.
“We are excited about the addition of the trustee and fiduciary services
team from Epiq,” Greg Garrabrants, President and Chief Executive Officer
of BofI stated. “With the acquisition of comprehensive software
solutions and a dedicated service team, we look forward to serving
Chapter 7 and non-7 trustees nationwide. This business generates fee
income from bank partners and bankruptcy cases, as well as low-cost
deposits. It adds a new specialty deposit vertical and further
diversifies our funding over time.”
“We believe the combination of our former Chapter 7 business and BofI’s
specialty deposit capabilities will create significant value and
opportunities for the Chapter 7 trustees, non-7 trustees and employees
alike,” said John Davenport, Jr., Chief Executive Officer, Epiq.
The Company expects the acquisition to be immediately accretive to
earnings. The all-cash transaction was funded from existing capital at
the Bank. For additional information regarding the transaction, please
see the investor presentation posted on the Company’s holding company
website, bofiholding.com.
About Epiq
Epiq, a global leader in the legal services industry, takes on
large-scale, increasingly complex tasks for corporate counsel, law
firms, and business professionals with efficiency, clarity, and
confidence. Clients rely on Epiq to streamline the administration of
business operations, class action and mass tort, court reporting,
eDiscovery, regulatory, compliance, restructuring, and bankruptcy
matters. Epiq subject-matter experts and technologies create efficiency
through expertise and deliver confidence to high-performing clients
around the world. Learn more at www.epiqglobal.com.
About BofI Holding, Inc.
BofI Holding, Inc. is the holding company for BofI Federal Bank, a
nationwide bank that provides financing for single and multifamily
residential properties, small-to-medium size businesses in target
sectors, and selected specialty finance receivables. With approximately
$8.9 billion in assets, BofI Federal Bank provides consumer and business
banking products through its low-cost distribution channels and affinity
partners. BofI Holding, Inc.’s common stock is listed on the NASDAQ
Global Select Market under the symbol “BOFI” and is a component of the
Russell 2000® Index, the S&P SmallCap 600® Index, and the KBW Nasdaq
Financial Technology Index. For more information on BofI Federal Bank,
please visit bofifederalbank.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that involve
risks and uncertainties, including without limitation statements
regarding the effects on the Company’s earnings from the transaction
with Epiq, and the Company’s ability to scale the business efficiently
and profitably and realize other anticipated benefits from the
transaction. These forward-looking statements are made on the basis of
the views and assumptions of management regarding future events and
performance as of the date of this press release. Actual results and the
timing of events could differ materially from those expressed or implied
in such forward-looking statements as a result of risks and
uncertainties, including without limitation changes in interest rates,
inflation, government regulation, general economic conditions,
conditions in the real estate markets in which we operate and other
factors beyond our control. These and other risks and uncertainties
detailed in BofI’s periodic reports filed with the Securities and
Exchange Commission could cause actual results to differ materially from
those expressed or implied in any forward-looking statements. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and BofI undertakes no obligation to revise or
update any forward-looking statements to reflect events or circumstances
after the date of this press release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180404006215/en/
Contacts:
Investor Relations Contact:
BofI Holding, Inc.
Johnny Lai, CFA
VP,
Corporate Development & Investor Relations
858-649-2218
jlai@bofi.com
Source: BofI Holding, Inc.
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