Axos Bank

Axos Bank is an American direct bank and the principal banking subsidiary of Axos Financial, Inc. The institution originated as Bank of Internet USA, a digitally oriented bank established in 1999 and launched on July 4, 2000. Its founders were Jerry Englert, who had previously founded Bank of Del Mar, and Gary Lewis Evans, a former president of La Jolla Bank. The bank was created around the idea that customers could obtain banking services online without relying on a conventional branch network. The choice of a July 4 launch was intended to communicate both operational availability when many traditional banks were closed and the founders' broader idea of independence from traditional banking. The bank's original business model emphasized deposit gathering and lending through electronic channels. Over time, it developed a broader banking platform serving consumers, small and medium-sized businesses, commercial borrowers, and institutional clients. Its offerings have included checking and savings accounts, certificates of deposit, mortgage and home-equity lending, commercial real-estate finance, equipment finance, and other lending products. The direct-bank structure has allowed the institution to operate with fewer traditional branches than a conventional retail bank, while using online and digital channels for account opening, servicing, payments, and money movement. The holding company, originally known as BofI Holding, Inc., became publicly traded in 2005. Gregory Garrabrants, formerly a senior executive at IndyMac Bancorp, became chief executive officer in October 2007 and led the organization through a period of expansion and corporate repositioning. On October 1, 2018, BofI Holding adopted the name Axos Financial, Inc., moved its stock listing from Nasdaq to the New York Stock Exchange, and rebranded Bank of Internet as Axos Bank. The rebrand aligned the bank with the broader Axos identity and presented it as more than a single-purpose internet bank. Axos Bank has pursued a diversified digital-finance model rather than limiting itself to ordinary consumer deposits. The wider Axos organization has included banking, registered investment-adviser services, and an electronic trading platform. Within that structure, Axos Bank remains the federally chartered banking operation and a major source of deposits and lending activity. The bank is particularly associated with technology-enabled banking, nationally available deposit products, commercial lending, and lending to borrowers or projects that may not fit the underwriting approach of larger traditional institutions. The bank has also attracted attention for making relatively large loans to wealthy individuals and for its exposure to commercial and high-value real-estate borrowers. Public reference material has identified financing connected with Donald Trump, including a $100 million mortgage secured by Trump Tower in 2022 and financing for Trump National Doral Miami. Such lending illustrates the institution's willingness to compete in specialized and relationship-driven segments, but it also makes credit concentration, real-estate conditions, and underwriting risk important considerations in assessing the business. Today, Axos Bank operates as a U.S.-focused digital and commercial bank under Axos Financial. Its identity combines direct-to-consumer banking, business banking, mortgage and specialty lending, and technology-supported financial services. The historic Bank of Internet USA name remains relevant as the institution's former brand, but the active public-facing identity is Axos Bank.

The institution was created in the late 1990s by Jerry Englert and Gary Lewis Evans. Englert had founded Bank of Del Mar, while Evans had served as president of La Jolla Bank. Their project was organized in 1999 as BofI Holding, Inc., with $14 million in startup capital, and was designed from the outset as an internet-based bank rather than a branch-centered institution. Bank of Internet began operations on July 4, 2000. The launch date had symbolic and practical significance: the founders wanted to highlight that an internet bank could remain available on a public holiday when many traditional banks were closed, while also expressing the concept of independence from conventional banking. The early model depended on electronic distribution, online customer access, and the ability to gather deposits and originate loans without maintaining a large physical branch footprint. The organization expanded from its initial direct-banking concept into a broader financial-services business. Its banking activities came to include consumer deposit products, residential lending, business banking, commercial real-estate finance, and other specialized credit. The bank became known for using technology to support nationwide account access while also pursuing lending opportunities involving borrowers, properties, and transactions that might receive less attention from larger banks. BofI Holding became a public company on March 15, 2005, through an initial public offering. Gregory Garrabrants, formerly a senior vice president at IndyMac Bancorp, joined the leadership of the organization as chief executive in October 2007. Under his tenure, the business continued developing a diversified digital-banking and specialty-finance model. The parent organization also broadened its activities beyond deposit banking to include registered investment-adviser services and an electronic trading platform. A major identity change occurred on October 1, 2018. BofI Holding changed its corporate name to Axos Financial, Inc., moved its stock-market listing from Nasdaq to the New York Stock Exchange, and changed the Bank of Internet brand to Axos Bank. The rebranding reflected the company's effort to present a unified Axos platform across banking and other financial services. Bank of Internet USA therefore became a former brand name rather than a separate modern banking identity. Axos Bank's later lending profile has included significant commercial and high-value real-estate relationships. Publicly cited examples include financing associated with Donald Trump, including a $100 million mortgage secured by Trump Tower in March 2022 and financing for Trump National Doral Miami. These transactions have contributed to public interest in the bank's underwriting strategy and borrower concentration. Reference material also describes a geographically distributed loan book with material exposure to Southern California, Northern California, New York, Florida, and Texas as of June 30, 2025. The active institution is Axos Bank, the federally chartered banking subsidiary of Axos Financial. It serves U.S. consumers, businesses, commercial borrowers, and selected specialty-finance customers through online and technology-supported channels. Its evolution is consequently best understood as a transition from a focused internet-bank brand to a broader digital bank operating within a diversified publicly traded financial-services group.

1. 2022Trump Tower mortgage financing

   Axos funded a reported $100 million mortgage secured by Trump Tower.

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2. 2018Axos rebrand

   BofI Holding became Axos Financial, the bank became Axos Bank, and the parent moved its listing to the NYSE.

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3. 2007Gregory Garrabrants becomes CEO

   Gregory Garrabrants was appointed chief executive of the organization.

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4. 2005Initial public offering

   BofI Holding became publicly traded through an initial public offering.

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5. 2000Bank of Internet begins operations

   The bank launched on July 4 as an online direct bank.

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6. 1999BofI Holding is founded

   The organization was established with $14 million in startup capital by Jerry Englert and Gary Lewis Evans.

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A U.S. digital-first bank combining branch-light consumer banking with commercial, mortgage, and specialty lending. The brand emphasizes online access, nationally available banking products, and flexible underwriting for selected borrowers and business customers.

• Consumer deposit accountsRetail banking

  Axos Bank's direct-bank platform offers digitally accessed deposit products for U.S. consumers, including checking, savings, money-market, and certificate-of-deposit accounts. The proposition centers on online account access and servicing rather than a large conventional branch network.

• Residential mortgage and home-equity lendingConsumer lending

  The bank provides residential property financing, including mortgage-related and home-equity products. These offerings extend the institution beyond deposit gathering and connect its digital distribution model with secured consumer lending.

• Commercial real-estate lendingCommercial banking

  Commercial real-estate finance is an important part of the bank's specialty-lending profile. The institution has participated in sizable property-backed transactions and serves borrowers whose needs may require relationship-based underwriting and larger loan structures.

• Business banking and specialty financeBusiness banking

  Axos Bank serves businesses through deposit, payments, lending, and other banking services. Its broader lending activities have included equipment finance and credit for selected commercial borrowers, complementing its consumer direct-bank operations.

• 2022Trump Tower mortgage financingOther

  Axos had developed a lending relationship with Donald Trump and associated properties.

  What changed. The bank funded a reported $100 million mortgage secured by Trump Tower.

  Aftermath. The transaction drew attention to Axos's willingness to provide large, property-backed loans to prominent borrowers.

  Mortgage amount. $100 million (March 2022)

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• 2018Adoption of the Axos brandStrategy

  The former BofI Holding organization had expanded beyond the original Bank of Internet identity and operated across banking and related financial services.

  What changed. The holding company changed its name to Axos Financial, moved its listing from Nasdaq to the NYSE, and rebranded Bank of Internet as Axos Bank.

  Aftermath. Bank of Internet USA became a legacy name, while Axos Bank became the active banking brand within the Axos group.

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• 2022Axos funds mortgage secured by Trump Tower

  Axos provided a reported $100 million mortgage secured by Trump Tower, continuing the institution's lending relationship with Donald Trump.

  Other
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• 2018BofI Holding adopts Axos Financial name and rebrands Bank of Internet

  The holding company became Axos Financial, changed its exchange listing from Nasdaq to the New York Stock Exchange, and changed the bank brand from Bank of Internet to Axos Bank.

  OtherLeadership change
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• 2007Gregory Garrabrants becomes chief executive

  Gregory Garrabrants, previously associated with IndyMac Bancorp, was appointed chief executive of the organization.

  Leadership change
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• 2005BofI Holding completes initial public offering

  The holding company became publicly traded through an initial public offering of common stock.

  Other
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• 2000Bank of Internet begins operations

  The direct bank began operations on July 4, 2000, using an online delivery model intended to provide independence from traditional branch banking.

  Other
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1. Axos Financial