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, 2019.
“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.