Axos Financial (AX) completes $2.3B Jenius Bank U.S. consumer deposit acquisition
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Axos Financial, Inc. announced that its subsidiary, Axos Bank, completed the acquisition of all United States consumer deposits of Jenius Bank, the digital banking business of SMBC MANUBANK, on May 2, 2026. The Bank acquired approximately $2.3 billion of deposits from Jenius Bank and received cash, less a negotiated premium, under a Purchase and Assumption Agreement dated February 12, 2026. The full agreement is incorporated by reference as an exhibit.
Positive
- Axos Bank completed a sizable deposit acquisition, taking over approximately $2.3 billion of United States consumer deposits from Jenius Bank, which can significantly expand its funding base once fully integrated.
Negative
- None.
Insights
Axos Bank adds about $2.3B in consumer deposits through a completed acquisition.
Axos Bank, a subsidiary of Axos Financial, completed the purchase of all U.S. consumer deposits of Jenius Bank, a digital unit of SMBC MANUBANK. The transaction transfers approximately $2.3 billion of deposits, along with cash, under a Purchase and Assumption Agreement dated February 12, 2026.
This kind of deposit acquisition can materially expand funding capacity, especially when sourced from a digital platform. The agreement involved a negotiated premium, indicating Axos paid above deposit face value for this portfolio, though exact pricing and profit impact are not detailed in the excerpt provided.
Investors may focus on how Axos integrates these $2.3 billion of deposits into its balance sheet after May 2, 2026, including effects on net interest margin, funding mix, and any follow-up disclosures in future company filings about integration progress and associated costs.
8-K Event Classification
2 items: 2.01, 9.01
2 items
Item 2.01
Completion of Acquisition or Disposition of Assets
Financial
The company completed a significant acquisition or sale of business assets.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Deposits acquired: $2.3 billion
Completion date: May 2, 2026
Agreement date: February 12, 2026
3 metrics
Deposits acquired
$2.3 billion
Approximate United States consumer deposits of Jenius Bank acquired by Axos Bank
Completion date
May 2, 2026
Date Axos Bank completed acquisition of Jenius Bank U.S. consumer deposits
Agreement date
February 12, 2026
Date of Purchase and Assumption Agreement governing the deposit acquisition
Key Terms
Completion of Acquisition or Disposition of Assets, Purchase and Assumption Agreement, Emerging growth company, Cover Page Interactive Data File
4 terms
Completion of Acquisition or Disposition of Assets regulatory
"Item 2.01 Completion of Acquisition or Disposition of Assets."
Purchase and Assumption Agreement financial
"pursuant to the terms of the Purchase and Assumption Agreement, dated February 12, 2026"
A purchase and assumption agreement is a legal contract used when one financial firm buys parts of another—typically during a bank failure—by purchasing selected assets and taking on specified liabilities or deposits. Think of it as buying a store and agreeing to keep some of its owed bills and customer promises; for investors it matters because the deal determines which obligations survive, how much value is transferred, and what losses or recoveries shareholders and creditors may face.
Emerging growth company regulatory
"Emerging growth company"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
Cover Page Interactive Data File technical
"104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 2, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (858 ) 649-2218
| Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.01 Completion of Acquisition or Disposition of Assets.
On May 2, 2026, Axos Bank (the “Bank”), a subsidiary of Axos Financial, Inc. (the “Company”), completed its previously announced acquisition of all of the United States consumer deposits of Jenius Bank, a digital banking business of SMBC MANUBANK (“SMBC”), pursuant to the terms of the Purchase and Assumption Agreement, dated February 12, 2026 (the “Agreement”). The Bank acquired approximately $2.3 billion of deposits from Jenius Bank and received cash, less a negotiated premium.
The foregoing description of the Agreement is not complete and is qualified in its entirety by reference to the complete text of the Agreement, a copy of which was filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 12, 2026.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit | Description | |||||||
| 99.1 | Deposit Purchase Agreement (incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 12, 2026) | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Axos Financial, Inc. | ||||||||||||||
| Date: | May 4, 2026 | By: | /s/ Derrick K. Walsh | |||||||||||
| Derrick K. Walsh | ||||||||||||||
| EVP and Chief Financial Officer | ||||||||||||||
FAQ
What transaction did Axos Financial (AX) complete with Jenius Bank?
Axos Bank, a subsidiary of Axos Financial, completed the acquisition of all United States consumer deposits of Jenius Bank. Jenius Bank is a digital banking business of SMBC MANUBANK, and the deal was executed under a Purchase and Assumption Agreement dated February 12, 2026.
How large is the Jenius Bank deposit portfolio acquired by Axos (AX)?
Axos Bank acquired approximately $2.3 billion of deposits from Jenius Bank. These are United States consumer deposits, transferred under a Purchase and Assumption Agreement, and represent a substantial addition to Axos Bank’s funding base once reflected on its balance sheet.
When did Axos Bank complete the Jenius Bank deposit acquisition?
Axos Bank completed the acquisition of Jenius Bank’s United States consumer deposits on May 2, 2026. This completion date follows the earlier execution of the Purchase and Assumption Agreement, which was signed on February 12, 2026 and later incorporated by reference as an exhibit.
What type of agreement governed Axos Financial’s (AX) Jenius Bank transaction?
The transaction was governed by a Purchase and Assumption Agreement dated February 12, 2026. This agreement set the terms under which Axos Bank acquired approximately $2.3 billion of United States consumer deposits from Jenius Bank and is incorporated by reference as Exhibit 99.1.