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Company type | Public |
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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 | Online banking |
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Total assets | ![]() |
Total equity | ![]() |
Owner | Gregory Garrabrants (2.89%) |
Number of employees | 1,989 (2025) |
Website | investors |
Footnotes /references [1] [2] [3] |
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform. [2]
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. [4] 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]
BofI 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. [5]
Gregory Garrabrants, previously senior vice president at IndyMac Bancorp, was appointed CEO in October 2007. [6] In 2018, Garrabrants earned $34.5 million, making him the highest paid bank CEO of that year. [7]
On October 1, 2018, BofI Holding re-branded as Axos Financial, and switched its stock exchange listing from NASDAQ to the NYSE. Bank of Internet was rebranded as Axos Bank. [8] [9]
# | Date | Assets | Ref(s). |
---|---|---|---|
1 | September 2013 | $173 million in deposits from Principal Bank | [10] |
2 | September 2015 | Bank unit of H&R Block | [11] [12] |
3 | March 2016 | $140 million of equipment leases from Pacific Western Equipment Finance | [13] |
4 | November 2018 | $3 billion in deposits and 40,000 customers from Nationwide Bank | [14] [15] |
5 | January 2019 | COR Clearing LLC (rebranded as Axos Clearing) | [16] |
6 | March 2019 | WiseBanyan (rebranded as Axos Invest) | [17] [18] |
7 | March 2019 | $175 million in deposits from MWABank | [19] |
8 | August 2021 | E*TRADE Advisor Services (rebranded as Axos Advisor Services) | [20] |
9 | August 2023 | Marine finance business of Bank of Clarke | [21] |
10 | December 2023 | Two loans from the FDIC previously owned by Signature Bank (unpaid principal balance of $1.253 billion; cost of 63% of par value) | [22] [23] |
The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher interest rates. [24]
The company made a total of $400 million in loans to Donald Trump and is one of his largest lenders. [25] In March 2022, Axos funded a $100 million mortgage loan secured by Trump Tower. [26] [27] The company also financed Trump National Doral Miami. [25]
As of June 30, 2025, approximately 28.7% of the company's loans were secured by properties in Southern California, 7.1% were secured by properties in Northern California, 28.2% were secured by properties in New York, 12.0% were secured by properties in Florida, and 5.5% were secured by properties in Texas. [2]