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Axos Financial

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.[1]

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.[3] It began operations as Bank of Internet on July 4, 2000.[1] 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".[4]

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

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.[1]

External links

References

  1. 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^
  2. Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 U.S. Securities and Exchange Commission, September 25, 2024^
  3. Christine Huard. Jerry Englert, 73, cofounded Internet-only bank The San Diego Union-Tribune, March 14, 2005^
  4. Spencer Naake. How BofI Holding, Inc. Revolutionized the Banking Industry Almost 20 Years Ago The Motley Fool, July 22, 2014^
  5. B of I Holding, Inc. Prospectus U.S. Securities and Exchange Commission, March 14, 2005^
  6. Sweta Singh. BofI Holding names new CEO Reuters, October 23, 2007^
  7. Anders Melin, Michelle Kim. CEO of Tiny California Bank Makes Twice as Much as Jamie Dimon Bloomberg News, April 11, 2019^
  8. BofI Holding, Inc. is Now Axos Financial, Inc. Business Wire, September 12, 2018^
  9. Paul Davis. BofI in Calif. to rebrand its bank, most products American Banker, August 27, 2018^
  10. BofI Federal Bank Completes $173 Million Deposit Acquisition From Principal Bank Marketwired, September 9, 2013^
  11. BofI Federal Bank Completes Deposit Transaction With H&R Block Marketwired, September 1, 2015^
  12. Bank of Internet USA Launches Individual Retirement Accounts (IRAs) Through H&R Block Partnership Marketwired, January 13, 2016^
  13. BofI Holding, Inc. Announces Acquisition of Equipment Leases and Operations of Pacific Western Equipment Finance Marketwired, April 4, 2016^
  14. Axos Bank Closes Nationwide Bank Deposit Acquisition Business Wire, November 19, 2018^
  15. Hailey Ross. Axos Bank enters strategic relationship with Nationwide S&P Global, October 24, 2018^
  16. Axos Financial, Inc. Closes COR Clearing LLC Acquisition Business Wire, January 29, 2019^
  17. Axos Financial, Inc. Completes WiseBanyan Acquisition Business Wire, March 4, 2019^
  18. Axos Financial rebrands its WiseBanyan subsidiary as Axos Invest Business Wire, October 9, 2019^
  19. Dave Guilas. Axos Bank closes acquisition of $175M deposits from MWABank S&P Global, March 26, 2019^
  20. Axos Financial, Inc. Closes E*TRADE Advisor Services Acquisition Business Wire, August 2, 2021^
  21. 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. Axos Financial (AX) Buys CRE Loans From the FDIC, Stock Jumps Yahoo Finance, December 11, 2023^
  23. Mark Heschmeyer. Two More Buyers Emerge for Signature Bank's Property Loans CoStar Group, December 15, 2023^
  24. Gabrielle Saulsbery. Axos acquires industrial equipment lender Industry Dive, September 23, 2025^
  25. Peter Eavis. An Internet Mortgage Provider Reaps the Rewards of Lending Boldly The New York Times, August 22, 2015^
  26. Kalyeena Makortoff. Axos Financial: how the US bank became one of Trump’s biggest backers The Guardian, January 13, 2025^
  27. Patricia McKnight. Virtual Bank Loans Trump $100M After Firm Warned of 'Unreliable' Finances Newsweek, March 9, 2022^
  28. Zach Everson. Checks & Imbalances: Trump's $100 Million Loan, Fortenberry Heads To Court Forbes, March 11, 2022^