Jump to content

Axos Financial

Edit links
From Wikipedia, the free encyclopedia
Axos Financial, Inc.
Company typePublic
NYSE:AX
S&P 600component
Russell 2000component
IndustryFinancial services
FoundedJuly 6, 1999;25 years ago(1999-07-06)
HeadquartersLas Vegas, Nevada
Key people
Gregory Garrabrants (president&CEO)
Andrew J. Micheletti (CFO)
ProductsBanking
Increase$307 million (FY 2023)
Total assetsIncrease$20.348 billion (FY 2023)
Total equityIncrease$1.917 billion (FY 2023)
OwnerGregory Garrabrants (2.6%)
Number of employees
1,099 (2020)
Websiteinvestors.axosfinancial.com/corporate-profile/
Footnotes / references
[1][2][3]

Axos Financial, Inc.,is abank holding companybased inLas Vegas, Nevada.The company operates Axos Clearing LLC, a financial custodian; Axos Bank, adirect bank;registered investment adviserservices via Axos Advisor Services; and operates anelectronic trading platformvia Axos Invest, Inc.

Approximately 71.5% of the company's loans are secured by properties inCalifornia,11.8% are secured by properties inNew York,and 5.1% are secured by properties inFlorida.[2]The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higherinterest rates.[4]Examples include a $180 million loan to a plastic surgeon for his house[5]and a $100 million mortgage loan to a company owned byDonald Trumpsecured byTrump Tower.[6][7]

History

[edit]

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.[8]It began operations as Bank of Internet on July 4, 2000.[2]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 toIndependence Dayand because the internet bank represented "Independence from traditional banking".[1]

It became apublic companyvia aninitial public offeringon March 15, 2005.[2]It offered 3,052,745 shares of common stock at a price of $11.50 per share.[9]

In October 2007, Gregory Garrabrants was appointed chief executive officer.[10]Garrabrants earned $34.5 million in 2018, making him the highest paid bank CEO that year.[11]

On October 1, 2018, BofI Holding re-branded as Axos Financial, and switched itsstock exchangefromNASDAQto theNYSE.Bank of Internet was rebranded as Axos Bank.[12][13][14]

Acquisitions - holding company only

[edit]

In March 2016, the company acquired $140 million of equipment leases from Pacific Western Equipment Finance.[15]

In April 2018, the company acquired the Chapter 7 business of Epiq System, making it the second-largest company in theChapter 7 bankruptcyand fiduciary services field.[16]

In January 2019, Axos Financial acquired COR Clearing LLC, which was rebranded as Axos Clearing.[17]

In March 2019, the company acquired the robo-advisory platform WiseBanyan, which was rebranded as Axos Invest.[18][19]

In August 2021, Axos Financial acquired E*TRADE Advisor Services, which was rebranded as Axos Advisor Services.[20]

Acquisitions - bank

[edit]

In September 2013, the bank acquired $173 million in deposits from Principal Bank.[21]

In September 2015, the bank purchased the bank unit ofH&R Block.[22]In 2018, the bank became the exclusive provider of H&R Block's refund anticipation loans.[23]

In November 2018, Axos Bank acquired approximately $3 billion in deposits and 40,000 customers from Nationwide Bank.[24]The two companies have an agreement to market to each other's customers.[25]

In March 2019, Axos acquired $175 million in deposits from MWABank.[26]

In August 2023, the bank acquired the marine finance business of Bank of Clarke.[27]

In December 2023, the bank acquired two loans from theFDICwith an unpaid principal balance of $1.253 billion, paying 63% of par value.[28]

References

[edit]
  1. ^abNaake, Spencer (July 22, 2014)."How BofI Holding, Inc. Revolutionized the Banking Industry Almost 20 Years Ago".The Motley Fool.
  2. ^abcd"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.Archivedfrom 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.Archivedfrom 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.
[edit]
  • Official website
  • Business data for Axos Financial, Inc.:
Retrieved from "https://en.wikipedia.org/w/index.php?title=Axos_Financial&oldid=1241125121"