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;26 years ago (1999-07-06)
Headquarters Las Vegas, Nevada
Key people
Gregory Garrabrants, President & CEO
Andrew J. Micheletti, CFO
Products Online banking
Decrease2.svg $432 million (FY 2025)
Total assets Increase2.svg $24.783 billion (FY 2025)
Total equity Increase2.svg $2.680 billion (FY 2025)
OwnerGregory Garrabrants (2.89%)
Number of employees
1,989 (2025)
Website investors.axosfinancial.com/corporate-profile/default.aspx
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]

Contents

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. [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]

Acquisitions

#DateAssetsRef(s).
1September 2013$173 million in deposits from Principal Bank [10]
2September 2015Bank unit of H&R Block [11] [12]
3March 2016$140 million of equipment leases from Pacific Western Equipment Finance [13]
4November 2018$3 billion in deposits and 40,000 customers from Nationwide Bank [14] [15]
5January 2019COR Clearing LLC (rebranded as Axos Clearing) [16]
6March 2019WiseBanyan (rebranded as Axos Invest) [17] [18]
7March 2019$175 million in deposits from MWABank [19]
8August 2021E*TRADE Advisor Services (rebranded as Axos Advisor Services) [20]
9August 2023Marine finance business of Bank of Clarke [21]
10December 2023Two loans from the FDIC previously owned by Signature Bank (unpaid principal balance of $1.253 billion; cost of 63% of par value) [22] [23]

Lending practices

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]

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. 2025 Form 10-K Annual Report For the fiscal year ended June 30, 2024". U.S. Securities and Exchange Commission. August 21, 2025.
  3. ↑ "Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934". U.S. Securities and Exchange Commission. September 25, 2024.
  4. ↑ Huard, Christine (March 14, 2005). "Jerry Englert, 73, cofounded Internet-only bank". The San Diego Union-Tribune .
  5. ↑ "B of I Holding, Inc. Prospectus". U.S. Securities and Exchange Commission. March 14, 2005.
  6. ↑ Singh, Sweta (October 23, 2007). "BofI Holding names new CEO". Reuters .
  7. ↑ Melin, Anders; Kim, Michelle (April 11, 2019). "CEO of Tiny California Bank Makes Twice as Much as Jamie Dimon" . Bloomberg News .
  8. ↑ "BofI Holding, Inc. is Now Axos Financial, Inc" (Press release). Business Wire. September 12, 2018.
  9. ↑ Davis, Paul (August 27, 2018). "BofI in Calif. to rebrand its bank, most products" . American Banker .
  10. ↑ "BofI Federal Bank Completes $173 Million Deposit Acquisition From Principal Bank" (Press release). Marketwired. September 9, 2013 – via Yahoo Finance.
  11. ↑ "BofI Federal Bank Completes Deposit Transaction With H&R Block" (Press release). Marketwired. September 1, 2015 – via Yahoo Finance.
  12. ↑ "Bank of Internet USA Launches Individual Retirement Accounts (IRAs) Through H&R Block Partnership" (Press release). Marketwired. January 13, 2016 – via Yahoo Finance.
  13. ↑ "BofI Holding, Inc. Announces Acquisition of Equipment Leases and Operations of Pacific Western Equipment Finance" (Press release). Business Wire. April 4, 2016.
  14. ↑ "Axos Bank Closes Nationwide Bank Deposit Acquisition" (Press release). Business Wire. November 19, 2018.
  15. ↑ Ross, Hailey (October 24, 2018). "Axos Bank enters strategic relationship with Nationwide". S&P Global .
  16. ↑ "Axos Financial, Inc. Closes COR Clearing LLC Acquisition" (Press release). Business Wire. January 29, 2019.
  17. ↑ "Axos Financial, Inc. Completes WiseBanyan Acquisition" (Press release). Business Wire. March 4, 2019.
  18. ↑ "Axos Financial rebrands its WiseBanyan subsidiary as Axos Invest" (Press release). Business Wire. October 9, 2019.
  19. ↑ Guilas, Dave (March 26, 2019). "Axos Bank closes acquisition of $175M deposits from MWABank". S&P Global . Archived from the original on October 29, 2020.
  20. ↑ "Axos Financial, Inc. Closes E*TRADE Advisor Services Acquisition" (Press release). Business Wire. August 2, 2021.
  21. ↑ "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.
  22. ↑ "Axos Financial (AX) Buys CRE Loans From the FDIC, Stock Jumps". Yahoo Finance . December 11, 2023.
  23. ↑ Heschmeyer, Mark (December 15, 2023). "Two More Buyers Emerge for Signature Bank's Property Loans". CoStar Group .
  24. ↑ Eavis, Peter (August 22, 2015). "An Internet Mortgage Provider Reaps the Rewards of Lending Boldly" . The New York Times .
  25. 1 2 Makortoff, Kalyeena (January 13, 2025). "Axos Financial: how the US bank became one of Trump's biggest backers". The Guardian .
  26. ↑ McKnight, Patricia (March 9, 2022). "Virtual Bank Loans Trump $100M After Firm Warned of 'Unreliable' Finances". Newsweek .
  27. ↑ Everson, Zach (March 11, 2022). "Checks & Imbalances: Trump's $100 Million Loan, Fortenberry Heads To Court". Forbes .
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