San Diego-based Bank of Internet USA (BofI.com) celebrated its first year of operation with record-breaking growth, and a customer base that has extended far beyond San Diego.

Bank of Internet is the brain-child of a coterie of financial, investment, Internet Banking pioneers and real estate executives, who realized as early as 1994 that Internet banking offered by traditional banks was only a "click" away from a full-service on-line bank that could offer nearly everything a "real" bank could, but faster, quicker and cheaper.

The initial organizers set out to create the first Internet bank based wholly in San Diego.

With over 100 years of banking and financial experience between them, and community involvements that include serving/or chairing the boards of organizations such as: the San Diego Salvation Army; San Diego Hospice; the San Diego, Imperial County Red Cross; the San Diego Wellness Community; and the San Diego Aerospace Museum, the foundation for success was laid.

BofI offers the singular experience of banking anytime, from anywhere. Along with free checking, free ATM, including reimbursement of other bank ATM Fees, free on-line bill paying, great interest rates and high yielding CDs, one of the more unique services offered by the FDIC-insured BofI is custodial banking. Recognizing that nowadays, we not only need to manage our own finances but often those of our parents and children, BofI offers its customers the ability to pay bills, transfer funds and manage the accounts of both parents and children from anywhere in the world.

What also makes BofI stand out from the crowd is the existence of a highly-trained, friendly staff standing by to assist and guide the Internet novice through the process of Internet banking, in addition to the benefit of a "bricks and mortar" office, making the virtual world more personal and true to life.

The success of BofI—from an initial $14 million investment to assets of over $150 million in its first year, makes it one of the fastest growing banks in history (not affiliated with another financial institution). The financial strength of the bank, in comparison with other institutions that were started around the same time, is a tribute to the vision, leadership and experience of the board of directors, and management team.

"Our goal was to reach $250 million in three years," said Gary Lewis Evans, President and CEO "I will be delighted to report to our shareholders in August that not only can we expect to reach that figure, but exceed it!".