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// Workers AI · dad joke modeIs Axos Financial a tree-mendous bank?

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From Wikipedia, the free encyclopedia
Axos Financial, Inc.
TypePublic
NYSE: AX
S&P 600 component
Russell 2000 component
IndustryFinancial services
FoundedJuly 6, 1999; 27 years ago (1999-07-06)
HeadquartersLas Vegas, Nevada
Key people
Gregory Garrabrants, President & CEO
Andrew J. Micheletti, CFO
ProductsOnline banking
Decrease $432 million (FY 2025)
Total assetsIncrease $24.783 billion (FY 2025)
Total equityIncrease $2.680 billion (FY 2025)
OwnerGregory Garrabrants (2.89%)
Number of employees
1,989 (2025)
Websiteinvestors.axosfinancial.com/corporate-profile/default.aspx
Footnotes
[1][2][3]

Axos Financial, Inc. is an American bank holding company based in Las Vegas, Nevada, and is the parent of Axos Bank, a direct bank on the list of largest banks in the United States. It also offers registered investment adviser services and an electronic trading platform.[2]

History

[edit]

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

[edit]
# 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]
11 September 2025 Verdant Commercial Capital, an equipment leasing firm; price was $43.5 million [24]

Lending practices

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The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher interest rates.[25]

The company made a total of $400 million in loans to Donald Trump and is one of his largest lenders.[26] In March 2022, Axos funded a $100 million mortgage loan secured by Trump Tower.[27][28] The company also financed Trump National Doral Miami.[26]

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

[edit]
  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). Marketwired. 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. ↑ Saulsbery, Gabrielle (September 23, 2025). "Axos acquires industrial equipment lender". Industry Dive.
  25. ↑ Eavis, Peter (August 22, 2015). "An Internet Mortgage Provider Reaps the Rewards of Lending Boldly". The New York Times.
  26. 1 2 Makortoff, Kalyeena (January 13, 2025). "Axos Financial: how the US bank became one of Trump's biggest backers". The Guardian.
  27. ↑ McKnight, Patricia (March 9, 2022). "Virtual Bank Loans Trump $100M After Firm Warned of 'Unreliable' Finances". Newsweek.
  28. ↑ Everson, Zach (March 11, 2022). "Checks & Imbalances: Trump's $100 Million Loan, Fortenberry Heads To Court". Forbes.
[edit]
  • Official website
  • Axos Bank Home Page
  • Business data for Axos Financial, Inc.:
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