Axos Bank
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Banking |
| Headquarters | San Diego, CA , |
Key people | Gregory Garrabrants, CEO & President |
| Services | |
| Total assets |  $13.9 billion (2020) |
| Total equity | $0.960 billion (2018) |
Number of employees | 1,100 (2020) |
| Parent | Axos Financial |
| Website | www |
| Footnotes / references [1] | |
Axos Bank (/ˈæksoʊs/ AK-sohss) is an American federally chartered savings and loan association and direct bank headquartered in San Diego, California. It is the main consumer brand of Axos Financial.[1]
Axos Bank was known as BofI Federal Bank until it rebranded in October 2018.[2]
Loans made[edit]
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.[1]
The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher interest rates.[3]
In 2018, the bank provided Dr. Kanodia, a plastic surgeon, with a $180 million loan for his Spec house.[4]
In July 2018, the bank provided a $40 million loan for a synagogue conversion on the Upper West Side of Manhattan in New York City.[5]
In October 2018, the bank issued a $57 million construction loan to Bridgeton Holdings to complete its conversion of a Tribeca office building into the Walker Hotel.[6]
In March 2022, the bank made a $100 million mortgage loan to a company owned by Donald Trump secured by Trump Tower, despite warnings of unreliable finances.[7][8]
History[edit]
Axos Bank was founded as Bank of Internet USA 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.[9] It began operations as Bank of Internet on July 4, 2000.[1] 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".[10]
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.[11][12][13]
Acquisitions[edit]
In September 2013, the bank acquired $173 million in deposits from Principal Bank.[14]
In April 2014, the bank purchased the bank unit of H&R Block.[15] In 2018, the bank became the exclusive provider of H&R Block's refund anticipation loans.[16]
In November 2018, Axos Bank acquired approximately $3 billion in deposits and 40,000 customers from Nationwide Bank.[17] The two companies have an agreement to market to each other's customers.[18]
In March 2019, Axos acquired $175 million in deposits from MWABank.[19]
In August 2023, the bank acquired the marine finance business of Bank of Clarke.[20]
In December 2023, the bank acquired two loans from the FDIC with an unpaid principal balance of $1.253 billion, paying 63% of par value.[21]
References[edit]
- ^ a b c d "AXOS FINANCIAL, INC. 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ BofI Federal Banks Expands San Diego Office
- ^ Eavis, Peter (August 22, 2015). "An Internet Mortgage Provider Reaps the Rewards of Lending Boldly". The New York Times.(subscription required)
- ^ Clarke, Katherine (6 September 2018). "The War of the Los Angeles Megamansions". The Wall Street Journal. Archived from the original on 2023-02-25.
- ^ "Bank That Backs Brooklyn's Biggest Hasidic Developers Lends $40M on Synagogue Conversion on UWS". The Real Deal. July 5, 2018.
- ^ Bridgeton Holdings Lands $57M Construction Loan for Tribeca Hotel Conversion
- ^ McKnight, Patricia (March 9, 2022). "Virtual Bank Loans Trump $100M After Firm Warned of 'Unreliable' Finances". Newsweek.
- ^ Everson, Zach (March 11, 2022). "Checks & Imbalances: Trump's $100 Million Loan, Fortenberry Heads To Court". Forbes.
- ^ Huard, Christine (March 14, 2005). "Jerry Englert, 73, cofounded Internet-only bank". The San Diego Union-Tribune.
- ^ Naake, Spencer (July 22, 2014). "How BofI Holding, Inc. Revolutionized the Banking Industry Almost 20 Years Ago". The Motley Fool.
- ^ "BofI Holding, Inc. is Now Axos Financial, Inc" (Press release). Business Wire. September 12, 2018.
- ^ Davis, Paul (August 27, 2018). "BofI in Calif. to rebrand its bank, most products". American Banker.
- ^ "BofI Federal Bank has Rebranded as Axos Bank" (Press release). Axos Bank. October 1, 2018.
- ^ "BofI Federal Bank Completes $173 Million Deposit Acquisition From Principal Bank" (Press release). Axos Financial. September 9, 2013.
- ^ BofI Federal Buy H&R Block Bank
- ^ "Could Bank of Internet be a Millionaire Maker Stock". The Motley Fool. February 28, 2018.
- ^ "Axos Bank Closes Nationwide Bank Deposit Acquisition" (Press release). Business Wire. November 19, 2018.
- ^ Ross, Hailey (October 24, 2018). "Axos Bank enters strategic relationship with Nationwide". S&P Global.
- ^ 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.
- ^ "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.
- ^ "Axos Closes Purchase of Two Loan Portfolios from the FDIC" (Press release). Axos Financial. December 7, 2023.