Acquisition Adds Technology Platform for Expansion into Digital
SAN DIEGO–(BUSINESS WIRE)–Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”) announced that
its subsidiary, Axos Securities, LLC, has completed the acquisition of
WiseBanyan Holding, Inc. and its subsidiaries (“WiseBanyan”). Axos
expects the all-cash acquisition to have an immaterial impact on its
financial results starting in its fiscal third quarter ending March 31,
“WiseBanyan provides us with a comprehensive and flexible technology
platform to launch our digital wealth management business,” stated Greg
Garrabrants, President and Chief Executive Officer of Axos Financial,
Inc. “We expect to integrate the WiseBanyan service into our universal
digital banking platform in the near future, creating a seamless user
experience and a holistic personal financial management ecosystem. Over
time, we see tremendous opportunities to expand the breadth of services
to retail and high net worth investors, registered investment advisors
and strategic partners.”
A presentation with more details regarding the transaction is available
on the Axos website at http://investors.axosfinancial.com.
About Axos Financial, Inc.
Axos Financial, Inc. is the holding company for Axos Bank, 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, Axos Bank provides consumer and business banking products
through its low-cost distribution channels and affinity partners. Axos
Financial, Inc.’s common stock is listed on the NYSE under the symbol
“AX” and is a component of the Russell 2000® Index and the S&P SmallCap
600® Index. For more information about Axos Bank, please visit https://www.axosbank.com.
About WiseBanyan Holding, Inc.
Launched in 2013 with the mission to ensure everyone can reach their
financial goals, WiseBanyan is the world’s first free financial advisor.
By having no minimum requirements to start and not earning money based
off its clients’ assets under management, WiseBanyan empowers its
clients to start earlier, provide the best advice after they do, and
keep the Company’s interests fully aligned with their clients as they
progress. More information is available at https://www.wisebanyan.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 integration and operations of WiseBanyan Holdings Inc.,
projections of Axos Financial’s performance and earnings per share
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.
Johnny Lai, CFA
VP, Corporate Development and Investor Relations