BofI Holding in San Diego seems to be putting more distance between itself and its internet roots.
The $9.5 billion-asset company disclosed in its annual report last week that it will change the name of its BofI Federal Bank to Axos Bank, effective Oct. 1. It also plans to use the new brand on most of its banking products.
The objective is to use the Axos brand to expand the company’s customer base, the filing said.
While hopeful that the move will gain traction, BofI warned about certain risks.
“If our name change is not widely accepted by customers or proves to be less popular than anticipated, if we fail to maintain and enhance our brands generally, or if we incur excessive expenses in these efforts, our business, financial condition and results of operations may be adversely affected,” the filing said.
“Maintaining and enhancing our brand will depend on our ability to continue to provide high-quality products and services, which we may not do successfully,” the company added.
