Axos Financial, Inc. (NYSE: AX) (“Axos” or the “Company”), parent of Axos Bank, announced that it has opened regional commercial banking offices in New York and Los Angeles to strengthen ties with existing clients and enhance new client acquisition by providing access to senior banking professionals in those markets.
“The nation’s two largest metropolitan areas are home to a majority of our commercial lending and banking clients,” said Axos President and CEO Greg Garrabrants. “With our new locations in the heart of New York and Los Angeles, we’re offering these clients significant value: the expertise of in-market senior bankers, underpinned by highly competitive products and strong digital technology. We already have an employee presence in these markets with talented securities, lending and treasury management professionals, and these offices will allow us to better access talent in these geographies.”
The new commercial-banking center in Downtown Los Angeles opened in July 2019, six weeks after Axos opened its office in Midtown Manhattan to serve the Greater New York area and pockets of the Eastern Seaboard. The bank has hired 15 commercial bankers at the two locations, in addition to existing team members who will relocate to those offices from Axos’ Orange County and San Diego offices.
Axos aims to provide full-service commercial-banking services – loans, deposits and Treasury management – primarily to privately held middle-market companies while also seeking out niche opportunities. Axos has been growing its commercial banking business in recent years: its commercial and industrial loan portfolio totaled $1.6 billion as of June 30, 2019, up 11.6 percent from a year earlier.
Source: Company Press Release
