BofI Federal Bank Receives Regulatory Approval for Nationwide Deposit Acquisition
September 21 2018 - 6:00AM
Business Wire
BofI to Assume Nationwide Bank Deposits and
Convert Bank Customers in Mid-November 2018
BofI Federal Bank (“BofI”), the banking subsidiary of Axos
Financial, Inc. (NASDAQ: BOFI), announced today that it has
received regulatory approval from the Office of the Comptroller of
the Currency (the "OCC") to proceed with the definitive purchase
and assumption transaction previously announced on August 3, 2018.
Under the agreement, BofI Federal Bank will purchase from
Nationwide Bank certain assets and assume certain liabilities,
including approximately $3 billion of deposit liabilities of
Nationwide Bank, in a transaction expected to close no later than
November 16, 2018.
“We are pleased to receive regulatory approval for this
transaction in 45 days,” stated Greg Garrabrants, President and
Chief Executive Officer. "Once completed and closed, the Nationwide
Bank deposits will reduce our funding cost and strengthen our
deposit franchise. We are excited to provide Nationwide Bank
customers with a broad suite of products and enhanced technology
and service capabilities.”
BofI expects to replace higher cost deposits and borrowings with
the deposits assumed from Nationwide Bank.
Additional information regarding the agreements with Nationwide
Bank, the transaction process, related contingencies, and the
timing of the transaction is included in a Form 8-K filed August 3,
2018 with the Securities and Exchange Commission. There can be no
assurances regarding when or if the contemplated transactions will
close, or the final terms and conditions of the various
agreements.
About Axos Financial, Inc. and BofI Federal Bank
Axos Financial, Inc. is the holding company for BofI
Federal Bank, which will become Axos Bank on October 1, 2018. BofI
Federal Bank is a nationwide bank that provides financing for
single and multifamily residential properties, small-to-medium size
businesses in target sectors, and selected specialty finance
receivables. With nearly $10 billion in assets, BofI Federal
Bank provides consumer and business banking products through its
low-cost distribution channels and affinity partners. For more
information on BofI Federal Bank, please visit bofifederalbank.com.
For more information on the rebranding of BofI Federal Bank to Axos
Bank, please visit https://www.axosbank.com.
Forward-Looking Safe Harbor Statement
This press release contains forward-looking statements that
involve risks and uncertainties, including without limitation
statements relating to the execution and closing of the definitive
purchase and assumption transaction between Axos Financial’s
banking subsidiary and Nationwide Bank, projections of Axos
Financial’s performance and cost savings resulting from the
transaction. These forward-looking statements are made on the basis
of the views and assumptions of management regarding future events
and performance as of the date of this press release. Actual
results and the timing of events could differ materially from those
expressed or implied in such forward-looking statements as a result
of risks and uncertainties, including without limitation changes in
interest rates, inflation, government regulation, general economic
conditions, conditions in the real estate markets in which we
operate and other factors beyond our control. These and other risks
and uncertainties detailed in Axos Financial’s periodic reports
filed with the Securities and Exchange Commission could cause
actual results to differ materially from those expressed or implied
in any forward-looking statements. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary
statement, and Axos Financial undertakes no obligation to revise or
update any forward-looking statements to reflect events or
circumstances after the date of this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20180921005075/en/
Axos Financial, Inc.Johnny Lai, CFAVP, Corporate Development and
Investor Relations1-858-649-2218jlai@axosfinancial.com
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