Axos Financial subsidiary Axos Bank has secured regulatory approval to acquire nearly $173m in deposits from MWABank.
The bank received the regulatory nod from the Office of the Comptroller of the Currency (OCC) to close the deposit assumption agreement.
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MWABank Deposit acquisition: Details
The total acquisition includes nearly $151m in checking, savings and money market accounts and $22m in time deposit accounts.
Under the agreement, Axos Bank will receive cash equal to the book value of the deposit liabilities along with reimbursement of Axos Bank conversion costs.
Additionally, the bank did not pay any deposit premium for the MWABank Deposit acquisition.
The agreement does not involve transfer of any MWABank assets, employees or branches to Axos Bank.
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By GlobalDataAxos Bank president and CEO Greg Garrabrants said: “We are extremely pleased to receive regulatory approval for our third transaction in 2019.
“Once we complete a seamless conversion, we look forward to providing comprehensive banking services through our digital banking platform to MWABank’s retail and business customers.
“This transaction further diversifies our funding and adds more than 21,000 new accounts to Axos Bank.”
Launched in 2003, MWABank primarily operates as a direct bank. It conducts business through internet, telephone and other electronic means.
Axos Bank provides consumer and business banking products across the US through low-cost distribution channels and partners. It is said to have more than $10bn in assets.
