# Axos Financial

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{{Short description|American Bank holding company}}
{{Infobox company
| name = Axos Financial, Inc.
| logo = Axos_Financial_Inc_Logo_Color.svg
| caption = 
| type = [Public](/source/Public_company)
| traded_as = {{NYSE|AX}}<br>[S&P 600](/source/List_of_S%26P_600_companies) component<br>[Russell 2000](/source/Russell_2000) component
| industry = [Financial services](/source/Financial_services)
| foundation = {{start date and age|1999|07|06}}
| hq_location = [Las Vegas, Nevada](/source/Las_Vegas%2C_Nevada)
| key_people = Gregory Garrabrants, [President](/source/President_(corporate_title)) & [CEO](/source/CEO)<BR>Andrew J. Micheletti, [CFO](/source/CFO)
| products = [Online banking](/source/Online_banking)
| net_income = {{decrease}} $432 million (FY 2025)
| assets = {{increase}} $24.783 billion (FY 2025)
| equity = {{increase}} $2.680 billion (FY 2025)
| owner = Gregory Garrabrants (2.89%)
| num_employees = 1,989 (2025)
| homepage = {{URL|https://investors.axosfinancial.com/corporate-profile/default.aspx}}
| footnotes = <ref name=revolutionized/><ref name=10K>{{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001299709/000129970925000125/ax-20250630.htm | title=AXOS FINANCIAL, INC. 2025 Form 10-K Annual Report For the fiscal year ended June 30, 2024 | publisher=[U.S. Securities and Exchange Commission](/source/U.S._Securities_and_Exchange_Commission) | date=August 21, 2025}}</ref><ref>{{Cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001299709/000129970924000193/ax-20240925.htm | title=Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 | publisher=[U.S. Securities and Exchange Commission](/source/U.S._Securities_and_Exchange_Commission) | date=September 25, 2024}}</ref>
}}

'''Axos Financial, Inc.''' is an American [bank holding company](/source/bank_holding_company) based in [Las Vegas, Nevada](/source/Las_Vegas%2C_Nevada) and is the parent of Axos Bank, a [direct bank](/source/direct_bank) on the [list of largest banks in the United States](/source/list_of_largest_banks_in_the_United_States). It also offers [registered investment adviser](/source/registered_investment_adviser) services and an [electronic trading platform](/source/electronic_trading_platform).<ref name=10K/>

==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.<ref>{{cite news | url=https://www.sandiegouniontribune.com/obituaries/sdut-jerry-englert-internet-bank-obituary-2014jun27-story.html | title=Jerry Englert, 73, cofounded Internet-only bank | first=Christine | last=Huard | work=[The San Diego Union-Tribune](/source/The_San_Diego_Union-Tribune) | date=March 14, 2005}}</ref> It began operations as Bank of Internet on July 4, 2000.<ref name=10K/> 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](/source/Independence_Day_(United_States)) and because the internet bank represented "Independence from traditional banking".<ref name=revolutionized>{{Cite news | url=https://www.fool.com/investing/general/2014/07/22/how-bofi-holding-revolutionized-the-banking-indust.aspx | title=How BofI Holding, Inc. Revolutionized the Banking Industry Almost 20 Years Ago | last=Naake | first=Spencer | work=[The Motley Fool](/source/The_Motley_Fool) | date=July 22, 2014}}</ref>

BofI became a [public company](/source/public_company) via an [initial public offering](/source/initial_public_offering) on March 15, 2005. It offered 3,052,745 shares of common stock at a price of $11.50 per share.<ref>{{cite web | url=https://www.sec.gov/Archives/edgar/data/1299709/000095012905002416/a01836b4e424b4.htm | title=B of I Holding, Inc. Prospectus | publisher=[U.S. Securities and Exchange Commission](/source/U.S._Securities_and_Exchange_Commission) | date=March 14, 2005}}</ref>

Gregory Garrabrants, previously senior vice president at [IndyMac Bancorp](/source/IndyMac_Bancorp), was appointed CEO in October 2007.<ref>{{Cite news |url=https://www.reuters.com/article/biholding-ceo-idUSWNAS770620071023/ |title=BofI Holding names new CEO | first=Sweta | last=Singh | work=[Reuters](/source/Reuters) |date=October 23, 2007}}</ref> In 2018, Garrabrants earned $34.5 million, making him the highest paid bank CEO of that year.<ref>{{Cite news |url=https://www.bloomberg.com/news/articles/2019-04-11/ceo-of-tiny-california-bank-makes-twice-as-much-as-jamie-dimon |title=CEO of Tiny California Bank Makes Twice as Much as Jamie Dimon | first1=Anders | last1=Melin | first2=Michelle | last2=Kim |work=[Bloomberg News](/source/Bloomberg_News) | date=April 11, 2019 | url-access=subscription}}</ref>

On October 1, 2018, BofI Holding re-branded as Axos Financial, and switched its [stock exchange](/source/stock_exchange) listing from [NASDAQ](/source/NASDAQ) to the [NYSE](/source/NYSE). Bank of Internet was rebranded as Axos Bank.<ref>{{cite press release | url=https://www.axosbank.com/about-us/press-and-news/bofi-holding-inc-is-now-axos-financial-inc | title=BofI Holding, Inc. is Now Axos Financial, Inc. | publisher=[Business Wire](/source/Business_Wire) | date=September 12, 2018}}</ref><ref>{{Cite news | url=https://www.americanbanker.com/news/bofi-in-calif-to-rebrand-its-bank-most-products | title=BofI in Calif. to rebrand its bank, most products | first=Paul | last=Davis | work=[American Banker](/source/American_Banker) | date=August 27, 2018 | url-access=subscription}}</ref>

===Acquisitions===
{| class="wikitable sortable"
|-
! scope="col" | #
! scope="col" | Date
! scope="col" | Assets
! scope="col" class="unsortable" | Ref(s).
|-
| 1
| {{dts|2013|9}}
| $173 million in deposits from Principal Bank
| <ref>{{cite press release | url=https://finance.yahoo.com/news/bofi-federal-bank-completes-173-142810302.html | title=BofI Federal Bank Completes $173 Million Deposit Acquisition From Principal Bank | publisher=[Marketwired](/source/Marketwired) | via=[Yahoo Finance](/source/Yahoo_Finance) | date=September 9, 2013}}</ref>
|-
| 2
| {{dts|2015|9}}
| Bank unit of [H&R Block](/source/H%26R_Block)
| <ref>{{cite press release | url=https://finance.yahoo.com/news/bofi-federal-bank-completes-deposit-200649997.html | title=BofI Federal Bank Completes Deposit Transaction With H&R Block | publisher=[Marketwired](/source/Marketwired) | via=[Yahoo Finance](/source/Yahoo_Finance) | date=September 1, 2015}}</ref><ref>{{cite press release | url=https://finance.yahoo.com/news/bank-internet-usa-launches-individual-140000998.html| title=Bank of Internet USA Launches Individual Retirement Accounts (IRAs) Through H&R Block Partnership | publisher=[Marketwired](/source/Marketwired) | via=[Yahoo Finance](/source/Yahoo_Finance) | date=January 13, 2016}}</ref>
|-
| 3
| {{dts|2016|3}}
| $140 million of equipment leases from Pacific Western Equipment Finance
| <ref>{{cite press release | url=https://www.sec.gov/Archives/edgar/data/1299709/000129970916000227/ex-991pressrelease20160331.htm | title=BofI Holding, Inc. Announces Acquisition of Equipment Leases and Operations of Pacific Western Equipment Finance | publisher=[Marketwired](/source/Marketwired) | date=April 4, 2016}}</ref>
|-
| 4
| {{dts|2018|11}}
| $3 billion in deposits and 40,000 customers from Nationwide Bank
| <ref>{{Cite press release | url=https://www.sec.gov/Archives/edgar/data/1299709/000129970918000138/ex99120181119compnationwid.htm | title=Axos Bank Closes Nationwide Bank Deposit Acquisition | publisher=[Business Wire](/source/Business_Wire) | date=November 19, 2018}}</ref><ref>{{Cite news | url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/1oxljrru27eczy7mpeebww2 | title=Axos Bank enters strategic relationship with Nationwide | first=Hailey | last=Ross | work=[S&P Global](/source/S%26P_Global) | date=October 24, 2018}}</ref>
|-
| 5
| {{dts|2019|1}}
| COR Clearing LLC (rebranded as Axos Clearing)
| <ref>{{cite press release | url=https://www.sec.gov/Archives/edgar/data/1299709/000129970919000002/ex99120190129compcor.htm | title=Axos Financial, Inc. Closes COR Clearing LLC Acquisition | publisher=[Business Wire](/source/Business_Wire) | date=January 29, 2019}}</ref>
|-
| 6
| {{dts|2019|3}}
| WiseBanyan (rebranded as Axos Invest)
| <ref>{{Cite press release | url=https://investors.axosfinancial.com/news-events/press-releases/news-details/2019/Axos-Financial-Inc.-Completes-WiseBanyan-Acquisition/default.aspx | title=Axos Financial, Inc. Completes WiseBanyan Acquisition | publisher=[Business Wire](/source/Business_Wire) | date=March 4, 2019}}</ref><ref>{{cite press release | url=https://investors.axosfinancial.com/news-events/press-releases/news-details/2019/Axos-Financial-rebrands-its-WiseBanyan-subsidiary-as-Axos-Invest/default.aspx | title=Axos Financial rebrands its WiseBanyan subsidiary as Axos Invest | publisher=[Business Wire](/source/Business_Wire) | date=October 9, 2019}}</ref>
|-
| 7
| {{dts|2019|3}}
| $175 million in deposits from MWABank
| <ref>{{Cite news | url=https://www.spglobal.com/marketintelligence/en/news-insights/trending/_Bs5EmmdXjJ6mQ-rk8syqA2 | title=Axos Bank closes acquisition of $175M deposits from MWABank | first=Dave | last=Guilas
| work=[S&P Global](/source/S%26P_Global) | date=March 26, 2019 | archive-url=https://web.archive.org/web/20201029173524/https://www.spglobal.com/marketintelligence/en/news-insights/trending/_bs5emmdxjj6mq-rk8syqa2 | archive-date=October 29, 2020 |url-status=live}}</ref>
|-
| 8
| {{dts|2021|8}}
| E*TRADE Advisor Services (rebranded as Axos Advisor Services)
| <ref>{{cite press release | url=https://www.nasdaq.com/press-release/axos-financial-inc.-closes-etrade-advisor-services-acquisition-2021-08-02 | title=Axos Financial, Inc. Closes E*TRADE Advisor Services Acquisition | publisher=[Business Wire](/source/Business_Wire) | date=August 2, 2021}}</ref>
|-
| 9
| {{dts|2023|8}}
| Marine finance business of Bank of Clarke
| <ref>{{Cite web | url=https://contracts.justia.com/companies/eagle-financial-services-inc-7521/contract/1250772/ | title=Loan Purchase and Sale Agreement, by and between Bank of Clarke and Axos Bank, dated as of August 23, 2023 (exhibits omitted) | publisher=[Justia](/source/Justia) | date=August 23, 2023}}</ref>
|-
| 10
| {{dts|2023|12}}
| Two loans from the [FDIC](/source/FDIC) previously owned by [Signature Bank](/source/Signature_Bank) (unpaid principal balance of $1.253 billion; cost of 63% of par value)
| <ref>{{cite news | url=https://finance.yahoo.com/news/axos-financial-ax-buys-cre-112900055.html | title=Axos Financial (AX) Buys CRE Loans From the FDIC, Stock Jumps | work=[Yahoo Finance](/source/Yahoo_Finance) | date=December 11, 2023}}</ref><ref>{{Cite news | url=https://www.costar.com/article/52906458/two-more-buyers-emerge-for-signature-banks-property-loans | title=Two More Buyers Emerge for Signature Bank's Property Loans | first=Mark | last=Heschmeyer | work=[CoStar Group](/source/CoStar_Group) | date=December 15, 2023}}</ref>
|-
|11
|September 2025
|Verdant Commercial Capital, an equipment leasing firm; price was $43.5 million
|<ref>{{Cite news | url=https://www.bankingdive.com/news/axos-acquires-industrial-equipment-lender/760886/ | title=Axos acquires industrial equipment lender | first=Gabrielle | last=Saulsbery | work=[Industry Dive](/source/Industry_Dive) | date=September 23, 2025}}</ref>
|}

== Lending practices ==
The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher [interest rate](/source/interest_rate)s.<ref>{{cite news | url=https://www.nytimes.com/2015/08/23/business/a-internet-mortgage-provider-reaps-the-rewards-of-lending-boldly.html | title=An Internet Mortgage Provider Reaps the Rewards of Lending Boldly | last=Eavis| first=Peter | work=[The New York Times](/source/The_New_York_Times)| date=August 22, 2015 | url-access=limited}}</ref> 

The company made a total of $400 million in loans to [Donald Trump](/source/Donald_Trump) and is one of his largest lenders.<ref name=backers>{{Cite news | url=https://www.theguardian.com/us-news/2025/jan/13/axos-financial-us-bank-donald-trump-don-hankey | title=Axos Financial: how the US bank became one of Trump’s biggest backers | first=Kalyeena | last=Makortoff | work=[The Guardian](/source/The_Guardian) | date=January 13, 2025}}</ref> In March 2022, Axos funded a $100 million mortgage loan secured by [Trump Tower](/source/Trump_Tower).<ref>{{cite news |last=McKnight | first=Patricia |title=Virtual Bank Loans Trump $100M After Firm Warned of 'Unreliable' Finances | url=https://www.newsweek.com/virtual-bank-loans-trump-100m-after-firm-warned-unreliable-finances-1686622 | work=[Newsweek](/source/Newsweek) | date=March 9, 2022}}</ref><ref>{{cite news |last1=Everson |first1=Zach |title=Checks & Imbalances: Trump's $100 Million Loan, Fortenberry Heads To Court |url=https://www.forbes.com/sites/zacheverson/2022/03/11/checks--imbalances-trumps-100-million-loan-fortenberry-heads-to-court/ | work=[Forbes](/source/Forbes) | date=March 11, 2022}}</ref> The company also financed [Trump National Doral Miami](/source/Trump_National_Doral_Miami).<ref name=backers/>

As of June 30, 2025, approximately 28.7% of the company's loans were secured by properties in [Southern California](/source/Southern_California), 7.1% were secured by properties in [Northern California](/source/Northern_California), 28.2% were secured by properties in [New York](/source/New_York_(state)), 12.0% were secured by properties in [Florida](/source/Florida), and 5.5% were secured by properties in [Texas](/source/Texas).<ref name=10K/>

==References==
{{Reflist}}

==External links==
* {{Official website|https://investors.axosfinancial.com/corporate-profile/}}
* [https://www.axosbank.com/ Axos Bank Home Page]
{{Finance links
| name = Axos Financial, Inc.
| google = AX
| reuters = AX
| sec_cik = AX
| yahoo = AX
}}

{{Authority control}}

Category:1999 establishments in Nevada
Category:2005 initial public offerings
Category:American companies established in 1999
Category:Banks based in Nevada
Category:Banks established in 1999
Category:Companies based in Las Vegas
Category:Companies formerly listed on the Nasdaq
Category:Companies listed on the New York Stock Exchange

---
Adapted from the Wikipedia article [Axos Financial](https://en.wikipedia.org/wiki/Axos_Financial) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Axos_Financial?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.