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To: gizwick who wrote (100370)	4/27/2011 1:55:45 AM
From: Spekulatius	Read Replies (2) \| Respond to of 118717

re BOFI - for an internet only bank, their website is very crappy. I also checked their mortgage rates - they are not better than those of my credit union and their deposit rates are not much to write home about neither. As for the new board member and hist vast experience in information technology - he came from a company with a cutting edge website like this <g>: fapcig.com A lot of their deposits are brokered (40%), which is not a solid funding. Safe and sound gave them a 3* rating, but only 1* for their capitalization. I agree that profitability looks pretty good but I am not sure they have a better business model. There are plenty of online only banks out there like HSBC direct, ING direct, Netbank and Emigrant bank but that business model has not caught on as much as I thought it would. They have shown decent asset growth and profitability but I somehow don't think that it will something like Geico in insurance. Their valuation is low, though I would be tempted to give them a shot.