Axos Financial

Axos Financial 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.

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. The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher interest rates. Examples include a $180 million loan to a plastic surgeon for his house and a $100 million mortgage loan to a company owned by Donald Trump secured by Trump Tower.

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. It began operations as Bank of Internet on July 4, 2000. 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".

It 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.

In October 2007, Gregory Garrabrants was appointed chief executive officer. Garrabrants earned $34.5 million in 2018, making him the highest paid bank CEO that year.

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.

Acquisitions - holding company only
In March 2016, the company acquired $140 million of equipment leases from Pacific Western Equipment Finance.

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.

In January 2019, Axos Financial acquired COR Clearing LLC, which was rebranded as Axos Clearing.

In March 2019, the company acquired the robo-advisory platform WiseBanyan, which was rebranded as Axos Invest.

In August 2021, Axos Financial acquired E*TRADE Advisor Services, which was rebranded as Axos Advisor Services.

Acquisitions - bank
In September 2013, the bank acquired $173 million in deposits from Principal Bank.

In September 2015, the bank purchased the bank unit of H&R Block. In 2018, the bank became the exclusive provider of H&R Block's refund anticipation loans.

In November 2018, Axos Bank acquired approximately $3 billion in deposits and 40,000 customers from Nationwide Bank. The two companies have an agreement to market to each other's customers.

In March 2019, Axos acquired $175 million in deposits from MWABank.

In August 2023, the bank acquired the marine finance business of Bank of Clarke.

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.