On October 24, 2018, Axos Financial, Inc. announced that it had signed a definitive agreement to acquire WiseBanyan Holding, Inc.
Under the terms of the transaction, Axos Securities, LLC, a subsidiary of Axos Financial, Inc. (“Axos”) will acquire certain assets of WiseBanyan Holding, Inc. (“WiseBanyan”) and its subsidiaries. Axos will fund the all-cash transaction with existing capital and the acquisition is not expected to have a material impact on its financial results. The deal is expected to close in the fourth quarter of 2018, subject to customary closing conditions, including regulatory approvals. Further terms of the deal were not disclosed.
Axos (NYSE: AX) is the holding company for Axos Bank, a nationwide bank with nearly $10 billion in assets under management.
WiseBanyan is a Las Vegas-based financial advisor with approximately $150 million of assets under management. Sandler O’Neill + Partners, L.P served as financial advisor to WiseBanyan in connection with this transaction.
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