Axos Financial

Axos Financial is a 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 Financial, Inc.

Company type	Public
Traded as	NYSE: AX S&P 600 component Russell 2000 component
Industry	Financial services
Founded	July 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
Net income	$450 million (FY 2024)
Total assets	$22.855 billion (FY 2024)
Total equity	$2.290 billion (FY 2024)
Owner	Gregory Garrabrants (2.89%)
Number of employees	1,781 (2024)
Website	investors.axosfinancial.com/corporate-profile/default.aspx
Footnotes / references [1][2][3]

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

#	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]

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, 2024, approximately 37.3% of the company's loans were secured by properties in California, 28.8% were secured by properties in New York, 7.2% were secured by properties in Florida, and 4.2% were secured by properties in New Jersey.^[2]