Axos Financial

Last updated
Axos Financial, Inc.
Company type Public
NYSE:  AX
S&P 600 component
Russell 2000 component
Industry Financial services
FoundedJuly 6, 1999;25 years ago (1999-07-06)
Headquarters Las Vegas, Nevada
Key people
Gregory Garrabrants (president & CEO)
Andrew J. Micheletti (CFO)
Products Banking
Increase2.svg $307 million (FY 2023)
Total assets Increase2.svg $20.348 billion (FY 2023)
Total equity Increase2.svg $1.917 billion (FY 2023)
OwnerGregory Garrabrants (2.6%)
Number of employees
1,099 (2020)
Website investors.axosfinancial.com/corporate-profile/
Footnotes /references
[1] [2] [3]

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.

Contents

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]

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. [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]

Acquisitions - holding company only

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]

Acquisitions - bank

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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References

  1. 1 2 Naake, Spencer (July 22, 2014). "How BofI Holding, Inc. Revolutionized the Banking Industry Almost 20 Years Ago". The Motley Fool .
  2. 1 2 3 4 "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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