Axos Financial
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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.
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. It began operations as Bank of Internet on July 4, 2000. 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".
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.
Gregory Garrabrants, previously senior vice president at IndyMac Bancorp, was appointed CEO in October 2007. In 2018, Garrabrants earned $34.5 million, making him the highest paid bank CEO of that year.
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.
Acquisitions
| # | Date | Assets | Ref(s). |
|---|---|---|---|
| 1 | September 2013 | $173 million in deposits from Principal Bank | |
| 2 | September 2015 | Bank unit of H&R Block | |
| 3 | March 2016 | $140 million of equipment leases from Pacific Western Equipment Finance | |
| 4 | November 2018 | $3 billion in deposits and 40,000 customers from Nationwide Bank | |
| 5 | January 2019 | COR Clearing LLC (rebranded as Axos Clearing) | |
| 6 | March 2019 | WiseBanyan (rebranded as Axos Invest) | |
| 7 | March 2019 | $175 million in deposits from MWABank | |
| 8 | August 2021 | E*TRADE Advisor Services (rebranded as Axos Advisor Services) | |
| 9 | August 2023 | Marine finance business of Bank of Clarke | |
| 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) | |
| 11 | September 2025 | Verdant Commercial Capital, an equipment leasing firm; price was $43.5 million |
Lending practices
The bank has made larger loans to wealthy individuals that other banks have turned down, albeit at higher interest rates.
The company made a total of $400 million in loans to Donald Trump and is one of his largest lenders. In March 2022, Axos funded a $100 million mortgage loan secured by Trump Tower. The company also financed Trump National Doral Miami.
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.
External links
- Business data for Axos Financial, Inc.: