Axos Financial

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Axos Financial, Inc.
Company typePublic
NYSE: AX
S&P 600 component
Russell 2000 component
IndustryFinancial services
FoundedJuly 6, 1999; 26 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 / references
[1][2][3]

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

History

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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

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# 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 100% membership interests in Ohio-based equipment leasing firm Verdant Commercial Capital. for $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

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  • Official website
  • Axos Bank Home Page
  • Business data for Axos Financial, Inc.:

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