Axos Financial

Axos Financial, Inc.
Public company
Traded as NYSE: AX
S&P 600 component
Russell 2000 component
Industry Banking
Founded July 6, 1999 (1999-07-06)
Founder Gary Evans Lewis
Jerry Englert
Headquarters San Diego, California
Number of locations
 1 branch
Key people
 Gregory Garrabrants, President & CEO
Andrew J. Micheletti, CFO
Products Online banking
Mortgages
Credit cards
Checking accounts
Money market accounts
Certificate of deposit
Total assets Increase $8.9 billion (2017)
Total equity Increase $0.834 billion (2017)
Number of employees
 681
Website www.axosbank.com
Footnotes / references
[1][2]

Axos Financial is a bank holding company based in San Diego, California and is the parent of Axos Bank, a direct bank. The company has only one branch, which is in San Diego, California.[2]

Approximately 69.57% of the company's loans are secured by properties in California, 8.23% are secured by properties in New York, and 6.06% are secured by properties in Florida.[2]

The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher interest rates.[3]

The company was formerly known as BofI Holding and operated under the name Bank of Internet.

History

The company was founded by Jerry Englert and Gary Evans Lewis with $14 million of startup capital.[4] It was incorporated in Delaware in 1999 as BofI Holding, Inc and 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.[1]

On March 15, 2005, the company became a public company via an initial public offering[2] It offered 3,052,745 shares of common stock at a price of $11.50 per share.[5]

In October 2011, Bank of Internet USA changed its name to BofI Federal Bank, although the bank continued to use the original name as a brand.[6][7]

In September 2013, the company acquired $173 million in deposits from Principal Bank.[8]

In September 2015, the company acquired H&R Block Bank became the issuing bank for H&R Block-branded credit cards and lines of credit.[9]

In January 2016, the company launched a co-branded Individual Retirement Accounts (IRAs) program with H&R Block.[10]

In March 2016, the company acquired $140 million of equipment leases from Pacific Western Equipment Finance.[11]

In 2017, a marketing executive at the bank was accused of paying $500,000 in bogus consulting fees to her husband.[12]

On October 1, 2018, BofI Holding re-branded as Axos Financial, and switched its stock exchange from NASDAQ to the NYSE.[13]

Also in 2018, the bank acquired $3 billion in assets and liabilities of Nationwide Bank, a subsidiary of Nationwide Mutual Insurance Company.[14]

Philanthropy

The company has provided support to nonprofit organizations in the San Diego community including San Diego Habitat for Humanity, Meals on Wheels, Rady Children's Hospital, and the Wounded Warrior Project.[15]

References

  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 5 "BofI Holding, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  3. ↑ EAVIS, PETER (August 22, 2015). "An Internet Mortgage Provider Reaps the Rewards of Lending Boldly". The New York Times. (subscription required)
  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. ↑ "BofI Holding Inc. Changes Name of Bank Subsidiary to BofI Federal Bank". U.S. Securities and Exchange Commission. Marketwired. October 3, 2011.
  7. ↑ "BofI Holding Inc. Changes Name of Bank Subsidiary to BofI Federal Bank" (Press release). Marketwired. October 3, 2011.
  8. ↑ "BofI Federal Bank Completes $173 Million Deposit Acquisition From Principal Bank" (Press release). Marketwired. September 9, 2013.
  9. ↑ "BofI Federal Bank Completes Deposit Transaction With H&R Block" (Press release). Marketwired. September 1, 2015.
  10. ↑ "Bank of Internet USA Launches Individual Retirement Accounts (IRAs) Through H&R Block Partnership" (Press release). Marketwired. January 13, 2016.
  11. ↑ "BofI Holding, Inc. Announces Acquisition of Equipment Leases and Operations of Pacific Western Equipment Finance" (Press release). Business Wire. April 4, 2016.
  12. ↑ Dugan, Kevin (April 6, 2017). "Feds probe of Bank of Internet helped by aquarium employee". New York Post.
  13. ↑ "BofI Holding, Inc. is Now Axos Financial, Inc" (Press release). Business Wire. September 12, 2018.
  14. ↑ "BofI Federal Bank Receives Regulatory Approval for Nationwide Deposit Acquisition" (Press release). Business Wire. September 21, 2018.
  15. ↑ "Corporate Philanthropy and Community Involvement". Axos Bank.
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