BofI To Buy Deposits Of Union Federal

(RTTNews) - BofI Federal Bank, a subsidiary of BofI Holding Inc (BOFI), on Tuesday entered into a purchase and assumption agreement with Union Federal Savings Bank and its parent company, First Marblehead Corp, to assume about $125 million of deposit accounts including individual checking, money market savings, and CD accounts from Union.

Under the purchase and assumption agreement executed December 19, BofI will receive approximately $125 million in cash at the closing date and will assume Union's deposits at par with no purchase premium and a weighted-average interest rate below BofI Federal's current average deposit interest rate.

The deal includes only deposits and cash; and no loans, securities or other assets, liabilities or equity of Union will be transferred.