Axos Bank, the banking subsidiary of Axos Financial, has closed the deposit assumption agreement with Ohio-based Nationwide Bank.
Pursuant to the Agreement announced on August 4, 2018, Axos Bank has acquired approximately $2.4 billion in deposits from Nationwide Bank, including $0.7 billion in checking, savings and money market accounts and $1.7 billion in time deposit accounts. Axos received cash equal to the book value of the deposit liabilities, less the purchase price premium of approximately $14 million dollars.
Axos Financial president and CEO Greg Garrabrants said: “We are pleased to announce the successful conversion of Nationwide Bank’s 80,000 deposit accounts to Axos.
“We look forward to offering a comprehensive suite of banking products and services to our newly acquired customers and adding new households through our recently announced joint marketing agreement. The $2.4 billion of acquired deposits increases the Bank’s borrowing capacity and reduces our interest costs starting in the quarter ending December 31, 2018.”
Source: Company Press Release