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Axos Financial

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Bank holding company based in Las Vegas, Nevada
Axos Financial, Inc.
Company typePublic
Traded asNYSE: AX
S&P 600 component
Russell 2000 component
IndustryFinancial services
FoundedJuly 6, 1999; 25 years ago (1999-07-06)
HeadquartersLas Vegas, Nevada
Key peopleGregory Garrabrants (president & CEO)
Andrew J. Micheletti (CFO)
ProductsBanking
Net incomeIncrease $307 million (FY 2023)
Total assetsIncrease $20.348 billion (FY 2023)
Total equityIncrease $1.917 billion (FY 2023)
OwnerGregory Garrabrants (2.6%)
Number of employees1,099 (2020)
Websiteinvestors.axosfinancial.com/corporate-profile/
Footnotes / references

Axos Financial, Inc., is a bank holding company based in Las Vegas, Nevada. The company operates Axos Clearing LLC, a financial custodian; Axos Bank, a direct bank; registered investment adviser services via Axos Advisor Services; and operates an electronic trading platform via Axos Invest, Inc.

Approximately 71.5% of the company's loans are secured by properties in California, 11.8% are secured by properties in New York, and 5.1% are secured by properties in Florida. The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher interest rates. Examples include a $180 million loan to a plastic surgeon for his house and a $100 million mortgage loan to a company owned by Donald Trump secured by Trump Tower.

History

Axos was founded in 1999 as BofI Holding, Inc., by Jerry Englert, the founder of Bank of Del Mar, and Gary Lewis Evans, president of La Jolla Bank, with $14 million of startup capital. It began operations as Bank of Internet on July 4, 2000. The start date of July 4 was purposely chosen because it showed that the bank would be open on a day that other banks were closed due to Independence Day and because the internet bank represented "Independence from traditional banking".

It became a public company via an initial public offering on March 15, 2005. It offered 3,052,745 shares of common stock at a price of $11.50 per share.

In October 2007, Gregory Garrabrants was appointed chief executive officer. Garrabrants earned $34.5 million in 2018, making him the highest paid bank CEO that year.

On October 1, 2018, BofI Holding re-branded as Axos Financial, and switched its stock exchange from NASDAQ to the NYSE. Bank of Internet was rebranded as Axos Bank.

Acquisitions - holding company only

In March 2016, the company acquired $140 million of equipment leases from Pacific Western Equipment Finance.

In April 2018, the company acquired the Chapter 7 business of Epiq System, making it the second-largest company in the Chapter 7 bankruptcy and fiduciary services field.

In January 2019, Axos Financial acquired COR Clearing LLC, which was rebranded as Axos Clearing.

In March 2019, the company acquired the robo-advisory platform WiseBanyan, which was rebranded as Axos Invest.

In August 2021, Axos Financial acquired E*TRADE Advisor Services, which was rebranded as Axos Advisor Services.

Acquisitions - bank

In September 2013, the bank acquired $173 million in deposits from Principal Bank.

In September 2015, the bank purchased the bank unit of H&R Block. In 2018, the bank became the exclusive provider of H&R Block's refund anticipation loans.

In November 2018, Axos Bank acquired approximately $3 billion in deposits and 40,000 customers from Nationwide Bank. The two companies have an agreement to market to each other's customers.

In March 2019, Axos acquired $175 million in deposits from MWABank.

In August 2023, the bank acquired the marine finance business of Bank of Clarke.

In December 2023, the bank acquired two loan portfolios from the FDIC containing 58 commercial loans with a total unpaid principal balance of $1.253 billion, at a purchase price of approximately 63% of par value.

References

  1. ^ Naake, Spencer (July 22, 2014). "How BofI Holding, Inc. Revolutionized the Banking Industry Almost 20 Years Ago". The Motley Fool.
  2. ^ "AXOS FINANCIAL, INC. 2023 Form 10-K Annual Report For the fiscal year ended June 30, 2023". U.S. Securities and Exchange Commission. August 29, 2023.
  3. "Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934". U.S. Securities and Exchange Commission. September 25, 2023.
  4. Eavis, Peter (August 22, 2015). "An Internet Mortgage Provider Reaps the Rewards of Lending Boldly". The New York Times.
  5. Clarke, Katherine (6 September 2018). "The War of the Los Angeles Megamansions". The Wall Street Journal. Archived from the original on 2023-02-25.
  6. McKnight, Patricia (March 9, 2022). "Virtual Bank Loans Trump $100M After Firm Warned of 'Unreliable' Finances". Newsweek.
  7. Everson, Zach (March 11, 2022). "Checks & Imbalances: Trump's $100 Million Loan, Fortenberry Heads To Court". Forbes.
  8. Huard, Christine (March 14, 2005). "Jerry Englert, 73, cofounded Internet-only bank". The San Diego Union-Tribune.
  9. "B of I Holding, Inc. Prospectus". U.S. Securities and Exchange Commission. March 14, 2005.
  10. Singh, Sweta (October 23, 2007). "BofI Holding names new CEO". Reuters.
  11. "CEO of Tiny California Bank Makes Twice as Much as Jamie Dimon". Bloomberg News. April 11, 2019.
  12. "BofI Holding, Inc. is Now Axos Financial, Inc" (Press release). Business Wire. September 12, 2018.
  13. Davis, Paul (August 27, 2018). "BofI in Calif. to rebrand its bank, most products". American Banker.
  14. "BofI Federal Bank has Rebranded as Axos Bank" (Press release). Axos Bank. October 1, 2018.
  15. "BofI Holding, Inc. Announces Acquisition of Equipment Leases and Operations of Pacific Western Equipment Finance" (Press release). Business Wire. April 4, 2016.
  16. "Epiq Sells Chapter 7 Business". American City Business Journals. April 5, 2018.
  17. "Axos Financial, Inc. Closes COR Clearing LLC Acquisition" (Press release). Business Wire. January 29, 2019.
  18. "Axos Financial, Inc. Completes WiseBanyan Acquisition" (Press release). Business Wire. March 4, 2019.
  19. "Axos Financial rebrands its WiseBanyan subsidiary as Axos Invest" (Press release). Business Wire. October 9, 2019.
  20. "Axos Financial, Inc. Closes E*TRADE Advisor Services Acquisition" (Press release). Business Wire. August 2, 2021.
  21. "BofI Federal Bank Completes $173 Million Deposit Acquisition From Principal Bank" (Press release). Axos Financial. September 9, 2013.
  22. "BofI Federal Bank Completes Deposit Transaction With H&R Block" (Press release). Axos Financial. September 1, 2015.
  23. "Could Bank of Internet be a Millionaire Maker Stock". The Motley Fool. February 28, 2018.
  24. "Axos Bank Closes Nationwide Bank Deposit Acquisition" (Press release). Business Wire. November 19, 2018.
  25. Ross, Hailey (October 24, 2018). "Axos Bank enters strategic relationship with Nationwide". S&P Global.
  26. Guilas, Dave (March 26, 2019). "Axos Bank closes acquisition of $175M deposits from MWABank". S&P Global. Archived from the original on 2020-10-29.
  27. "Loan Purchase and Sale Agreement, by and between Bank of Clarke and Axos Bank, dated as of August 23, 2023 (exhibits omitted)". Justia. August 23, 2023.
  28. "Axos Closes Purchase of Two Loan Portfolios from the FDIC" (Press release). Axos Financial. December 7, 2023.

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