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Bank of Internet USA Exceeds $300,000,000 and 10,000 Accounts in Less Than 3 1/2 Years

Tuesday 16 December 2003 09:23 CET | News

While many banks are struggling to attract deposit customers, Bank of Internet USA (BofI.com) has grown dramatically, with more than $300,000,000 in assets and over 10,000 deposit accounts in less than 3 1/2 years.

San Diego-based Bank of Internet USA, an Internet only bank, is experiencing record-breaking growth as an alternative to the traditional brick and mortar bank. Another observation Evans made about BofI was that the deposit base, contrary to popular opinion, is not hot money. Those are CDs that move as soon as a higher rate is offered somewhere else. Rather 65% of the accounts are checking and money market, and the rest are CDs. The BofI opened its virtual doors on July 4, 2000, and has since raised more than $20 million in capital, grown to over $300 million in assets without having one loan default, and runs one of the most efficient operations in banking with only 21 employees.


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Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech