Axos Financial

Axos Financial is a fully digital bank headquartered in San Diego, California, offering checking and savings accounts, mortgages, auto loans and business banking through its website and mobile app. Founded in 2000 and launched on July 4th of that year, the company serves a nationwide customer base without any branch network. It holds more than $20 billion in total assets, is insured by the FDIC and is publicly traded on the New York Stock Exchange under the ticker AX.

The company's operations span a range of regulated activity of interest to legal practitioners: consumer lending, mortgage origination, auto finance, small business banking and deposit-taking across the United States. As a listed bank holding company, it is subject to securities disclosure obligations as well as banking supervision at federal and state level. Deposits are FDIC insured.

Axos attributes its cost structure to the absence of physical branches and to technology built from the ground up rather than retrofitted onto legacy bank systems. Its technical work covers digital banking platforms, mobile application development and core banking systems engineering. The company reports that it has been profitable for a number of years and operates on a lean model, passing the savings of its branchless structure to customers through rates and fees.