Axos Financial

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Axos Financial, Inc.
Company type
Public
NYSE: AX
S&P 600 component
Russell 2000 component
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HeadquartersLas Vegas, Nevada
Key people
Gregory Garrabrants, President & CEO
Andrew J. Micheletti, CFO
ProductsOnline banking
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Total equityIncrease $2.680 billion (FY 2025)
OwnerGregory Garrabrants (2.89%)
Number of employees
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Websiteinvestors.axosfinancial.com/corporate-profile/default.aspx
Footnotes / references
[1][2][3]

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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

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 Template:Dts $173 million in deposits from Principal Bank [10]
2 Template:Dts Bank unit of H&R Block [11][12]
3 Template:Dts $140 million of equipment leases from Pacific Western Equipment Finance [13]
4 Template:Dts $3 billion in deposits and 40,000 customers from Nationwide Bank [14][15]
5 Template:Dts COR Clearing LLC (rebranded as Axos Clearing) [16]
6 Template:Dts WiseBanyan (rebranded as Axos Invest) [17][18]
7 Template:Dts $175 million in deposits from MWABank [19]
8 Template:Dts E*TRADE Advisor Services (rebranded as Axos Advisor Services) [20]
9 Template:Dts Marine finance business of Bank of Clarke [21]
10 Template:Dts 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

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

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  1. ^ a b Page Module:Citation/CS1/styles.css has no content.Naake, Spencer (July 22, 2014). "How BofI Holding, Inc. Revolutionized the Banking Industry Almost 20 Years Ago". The Motley Fool.
  2. ^ a b c d Page Module:Citation/CS1/styles.css has no content."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. ^ Page Module:Citation/CS1/styles.css has no content."Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934". U.S. Securities and Exchange Commission. September 25, 2024.
  4. ^ Page Module:Citation/CS1/styles.css has no content.Huard, Christine (March 14, 2005). "Jerry Englert, 73, cofounded Internet-only bank". The San Diego Union-Tribune.
  5. ^ Page Module:Citation/CS1/styles.css has no content."B of I Holding, Inc. Prospectus". U.S. Securities and Exchange Commission. March 14, 2005.
  6. ^ Page Module:Citation/CS1/styles.css has no content.Singh, Sweta (October 23, 2007). "BofI Holding names new CEO". Reuters.
  7. ^ Page Module:Citation/CS1/styles.css has no content.Melin, Anders; Kim, Michelle (April 11, 2019). "CEO of Tiny California Bank Makes Twice as Much as Jamie Dimon". Bloomberg News.
  8. ^ Page Module:Citation/CS1/styles.css has no content."BofI Holding, Inc. is Now Axos Financial, Inc" (Press release). Business Wire. September 12, 2018.
  9. ^ Page Module:Citation/CS1/styles.css has no content.Davis, Paul (August 27, 2018). "BofI in Calif. to rebrand its bank, most products". American Banker.
  10. ^ Page Module:Citation/CS1/styles.css has no content."BofI Federal Bank Completes $173 Million Deposit Acquisition From Principal Bank" (Press release). Marketwired. September 9, 2013 – via Yahoo Finance.
  11. ^ Page Module:Citation/CS1/styles.css has no content."BofI Federal Bank Completes Deposit Transaction With H&R Block" (Press release). Marketwired. September 1, 2015 – via Yahoo Finance.
  12. ^ Page Module:Citation/CS1/styles.css has no content."Bank of Internet USA Launches Individual Retirement Accounts (IRAs) Through H&R Block Partnership" (Press release). Marketwired. January 13, 2016 – via Yahoo Finance.
  13. ^ Page Module:Citation/CS1/styles.css has no content."BofI Holding, Inc. Announces Acquisition of Equipment Leases and Operations of Pacific Western Equipment Finance" (Press release). Marketwired. April 4, 2016.
  14. ^ Page Module:Citation/CS1/styles.css has no content."Axos Bank Closes Nationwide Bank Deposit Acquisition" (Press release). Business Wire. November 19, 2018.
  15. ^ Page Module:Citation/CS1/styles.css has no content.Ross, Hailey (October 24, 2018). "Axos Bank enters strategic relationship with Nationwide". S&P Global.
  16. ^ Page Module:Citation/CS1/styles.css has no content."Axos Financial, Inc. Closes COR Clearing LLC Acquisition" (Press release). Business Wire. January 29, 2019.
  17. ^ Page Module:Citation/CS1/styles.css has no content."Axos Financial, Inc. Completes WiseBanyan Acquisition" (Press release). Business Wire. March 4, 2019.
  18. ^ Page Module:Citation/CS1/styles.css has no content."Axos Financial rebrands its WiseBanyan subsidiary as Axos Invest" (Press release). Business Wire. October 9, 2019.
  19. ^ Page Module:Citation/CS1/styles.css has no content.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. ^ Page Module:Citation/CS1/styles.css has no content."Axos Financial, Inc. Closes E*TRADE Advisor Services Acquisition" (Press release). Business Wire. August 2, 2021.
  21. ^ Page Module:Citation/CS1/styles.css has no content."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. ^ Page Module:Citation/CS1/styles.css has no content."Axos Financial (AX) Buys CRE Loans From the FDIC, Stock Jumps". Yahoo Finance. December 11, 2023.
  23. ^ Page Module:Citation/CS1/styles.css has no content.Heschmeyer, Mark (December 15, 2023). "Two More Buyers Emerge for Signature Bank's Property Loans". CoStar Group.
  24. ^ Page Module:Citation/CS1/styles.css has no content.Saulsbery, Gabrielle (September 23, 2025). "Axos acquires industrial equipment lender". Industry Dive.
  25. ^ Page Module:Citation/CS1/styles.css has no content.Eavis, Peter (August 22, 2015). "An Internet Mortgage Provider Reaps the Rewards of Lending Boldly". The New York Times.
  26. ^ a b Page Module:Citation/CS1/styles.css has no content.Makortoff, Kalyeena (January 13, 2025). "Axos Financial: how the US bank became one of Trump's biggest backers". The Guardian.
  27. ^ Page Module:Citation/CS1/styles.css has no content.McKnight, Patricia (March 9, 2022). "Virtual Bank Loans Trump $100M After Firm Warned of 'Unreliable' Finances". Newsweek.
  28. ^ Page Module:Citation/CS1/styles.css has no content.Everson, Zach (March 11, 2022). "Checks & Imbalances: Trump's $100 Million Loan, Fortenberry Heads To Court". Forbes.

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