San Diego Business Journal

Axos Financial Inc. said on Jan. 29 that it closed its acquisition of COR Clearing LLC of Omaha, Nebraska. Final terms of the deal were not disclosed; however, Axos told investors in October that it expected a purchase price of $76 million and debt payments of $9 million.


Greg Garrabrants

Axos (NYSE: AX) is the University City financial institution formerly known as BofI Federal Bank and Bank of Internet USA.

COR Clearing is a full-service securities clearing firm for more than 60 independent broker-dealers and 90,000 customers. It has deposits of $470 million.

“COR provides us with an experienced team and a solid foundation to grow our securities business,” Axos Financial CEO Greg Garrabrants said in a prepared statement. “… The addition of approximately $35 million of annual fee income will diversify our non-interest income and boost our best-in-class return on equity.”

Axos predicted the buy will be accretive to earnings by 6 percent during the fiscal year which ends in June 2020.

Axos Financial has nearly $10 billion in assets.