Axos Bank

Axos Bank is an American diversified financial services company headquartered in San Diego, California.. The direct Internet bank is federally chartered, regulated by the Office of the Comptroller of the Currency (OCC), and insured by the Federal Deposit Insurance Corporation (FDIC). Stock for the holding company for the bank, Axos Financial, Inc., is traded on the NYSE under the symbol AX.

As of August 2018, Axos Bank claimed total assets of approximately $10.0 billion.

Leadership

Gregory Garrabrants is the president and chief executive officer (CEO) of Axos Bank, positions he has held since 2007.

Other members of the Axos Bank executive team as of August 2018 include:

• Eshel Bar-Adon, Executive Vice President, Specialty Finance and Chief Legal Officer
• Matt Brunsman, Executive Vice President and Chief Digital Officer
• Mary Ellen Ciafardini, Executive Vice President, Human Resources
• Thomas Constantine, Executive Vice President and Chief Credit Officer
• Jan Durrans, Executive Vice President, Chief of Staff, and Chief Performance Officer
• Jim Fraser, Executive Vice President, Specialty Real Estate and C&I Lending
• Raymond D. Matsumoto, Executive Vice President, Chief Operating Officer
• Andrew J. Micheletti, Executive Vice President and Chief Financial Officer Committee Membership
• Brian Swanson, Executive Vice President, Head of Consumer & Small Business
• John Tolla, Executive Vice President, Chief Governance, Risk, and Compliance Officer

History

Axos Financial, Inc. began as BofI Holding, Inc., which was incorporated in the State of Delaware on July 6, 1999. It was founded by Jerry Englert, the founder of Bank of Del Mar, and Gary Lewis Evans, who was president of La Jolla Bank at the time.

Axos Bank opened under the name of Bank of Internet USA in 2000, using an Internet-based banking platform to limit its operating expenses and thereby offer “attractive interest rates and low fees on our products” to its customers. It was founded by Jerry Englert, the founder of Bank of Del Mar, and Gary Lewis Evans, who was president of La Jolla Bank at the time.

Bank of Internet USA went public on NASDAQ on March 31, 2005. In subsequent years, the company expanded its offerings, launching its single-family residential lending operations in 2009, its structured settlement business in 2010, and its commercial and industrial lending operations in 2010. In October 2010, it was named a mortgage lender for Costco members.

In October 2011, Bank of Internet USA changed its name to BofI Federal Bank. That same year, the bank launched BofI Advisor. Two years later, it expanded its brand offerings even further by launching Bank X, followed in 2015 by the launch of its premier banking brand, Virtus Bank.

In September 2016, BofI Federal Bank was named one of Forbes’ Fastest Growing Companies for 2016. Between September 2012 and June 2017, the number of people employed by the company expanded from 250 to 681.

BofI Federal Bank entered into a partnership with H&R Block Bank in April 2014, a partnership that was completed in August 2015 and further expanded in October 2016.

In October 2018, BofI Federal Bank changed its name to Axos Bank.

Recognition

The bank earned second place in a ranking of the best performing large thrifts in 2010 and 2011, and earned first place ranking in 2012, 2013, 2014, 2015, and 2016 by SNL Financial, a data aggregator for the banking and financial sector.

Axos Bank received a five-star (superior) rating from Bauer Financial, an independent financial rating agency.

Money named Axos Rewards Checking the best online checking account and Axos Bank (as Bank of Internet USA) the best online bank of 2016-2017

Axos Bank

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