San Diego, Calif. - December 16, 2004 - BofI Holding, Inc. announced today that it has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. All stock will be issued and sold by BofI Holding. The underwriters will be granted a 30-day over-allotment option to purchase additional shares of common stock from the company. BofI Holding, Inc. is the holding company for Bank of Internet USA, a consumer-focused, nationwide savings bank operating primarily through the Internet.

WR Hambrecht + Co will act as book running manager for the OpenIPO^® auction offering. The Seidler Companies Inc. will be another managing underwriter for the proposed offering.

A copy of the prospectus relating to these securities may be obtained, when available, from WR Hambrecht + Co, Prospectus Department, 539 Bryant Street, Suite 100, San Francisco, CA. 94107 (tel: 415-551-8600) or The Seidler Companies Inc., 515 S. Figueroa St., Suite 1100, Los Angeles, CA 90071 (tel: 213-683-4500).

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.