SOURCE: Bank of Internet USA

July 05, 2005 11:32 ET

B of I Holding, Inc. Announces Stock Buyback Program

SAN DIEGO, CA -- (MARKET WIRE) -- July 5, 2005 -- Chairman Jerry Englert of B of I Holding, Inc. (NASDAQ: BOFI), parent of Bank Of Internet USA, announced today that the board of directors approved a common stock buyback program to purchase up to 5% of BOFI's 8.3 million outstanding common shares when and if the opportunity arises. Englert explained that the common stock buyback program, approved by the board on June 30, 2005, provides another opportunity to increase shareholder value. The buyback program will be effective mid-August with no termination date. The program authorizes BOFI to buy back common stock at its discretion, subject to market conditions.

B of I Holding, Inc. (the company) is the holding company of Bank of Internet USA and trades on NASDAQ under the symbol of BOFI.

The Bank of Internet USA is a consumer focused, FDIC insured, nationwide savings bank operating primarily over the Internet and dedicated to making banking easier and less expensive for consumers. It offers a variety of banking services, focusing primarily on gathering retail deposits over the Internet and originating and purchasing multifamily and single-family loans and mortgage backed securities. Bank of Internet has a unique, low cost business model and offers its products through its websites: www.BofI.com and www.ApartmentBank.com which include deposit accounts such as free interest-bearing checking accounts with online paid-check copies, bill payment, account statements, ATM or Visa Check Card and ATM Fee reimbursement anywhere in the world.

Forward-looking Statements

Certain statements contained herein that are not based on historical facts are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operates, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, risks associated with the conduct of the Company's business over the internet, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect its financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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