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Bank holding company based in Las Vegas, Nevada From Wikipedia, the free encyclopedia
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.
| |
| Company type | Public |
|---|---|
| NYSE: AX S&P 600 component Russell 2000 component | |
| Industry | Financial services |
| Founded | July 6, 1999 |
| Headquarters | Las Vegas, Nevada |
Key people | Gregory Garrabrants (president & CEO) Andrew J. Micheletti (CFO) |
| Products | Banking |
 $307 million (FY 2023) | |
| Total assets | $20.348 billion (FY 2023) |
| Total equity | $1.917 billion (FY 2023) |
| Owner | Gregory Garrabrants (2.6%) |
Number of employees | 1,099 (2020) |
| Website | investors |
| Footnotes / references [1][2][3] | |
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.[2] The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher interest 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 by Donald Trump secured by Trump Tower.[6][7]
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 to Independence Day and because the internet bank represented "Independence from traditional banking".[1]
It became a public company via an initial public offering on 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 its stock exchange from NASDAQ to the NYSE. Bank of Internet was rebranded as Axos Bank.[12][13][14]
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 the Chapter 7 bankruptcy and 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]
In September 2013, the bank acquired $173 million in deposits from Principal Bank.[21]
In September 2015, the bank purchased the bank unit of H&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 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.[28]
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