Axos Financial closes $1.9B IRA deposit buy
Rhea-AI Filing Summary
Axos Financial, Inc. (AX), through its subsidiary Axos Bank, completed the previously announced acquisition of individual retirement accounts deposited into associated savings and certificate of deposit accounts from Capital One, National Association on September 21, 2026.
Under a Purchase and Assumption Agreement dated April 22, 2026, Axos Bank acquired approximately $1.9 billion of IRA deposits and received cash for the aggregate deposit balance, less a negotiated premium. The governing agreement is identified as a Deposit Purchase Agreement and has been incorporated by reference as an exhibit.
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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, or exhibit attachments filed with this report.
Key Figures
IRA deposits acquired: $1.9 billion
Acquisition completion date: September 21, 2026
Agreement date: April 22, 2026
+1 more
4 metrics
IRA deposits acquired
$1.9 billion
Approximate IRA deposit balance acquired by Axos Bank from Capital One
Acquisition completion date
September 21, 2026
Date Axos Bank completed the IRA deposit acquisition
Agreement date
April 22, 2026
Date of the Purchase and Assumption Agreement governing the transaction
Key exhibit
Exhibit 99.1
Deposit Purchase Agreement incorporated by reference
Key Terms
Purchase and Assumption Agreement, individual retirement accounts, Deposit Purchase Agreement
3 terms
Purchase and Assumption Agreement regulatory
"pursuant to the terms of the Purchase and Assumption Agreement, dated April 22, 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.
individual retirement accounts financial
"acquisition of individual retirement accounts (“IRAs”) deposited into associated savings"
An individual retirement account (IRA) is a personal savings account with special tax rules designed to help people build money for retirement; think of it as a piggy bank that comes with tax benefits or deferred taxes depending on the account type. It matters to investors because IRAs influence how much can be saved each year, which investments are held long term, and when taxes are paid, all of which affect long-term growth and retirement income planning.
Deposit Purchase Agreement financial
"99.1 | Deposit Purchase Agreement (incorporated by reference"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transaction did Axos Financial (AX) complete on September 21, 2026?
Axos Financial’s subsidiary, Axos Bank, completed the acquisition of individual retirement accounts (IRAs) deposited into associated savings and certificate of deposit accounts from Capital One, National Association.
What was the size of the IRA deposits Axos Bank acquired from Capital One?
Axos Bank acquired approximately $1.9 billion of IRA deposits from Capital One, National Association. The deposits were in individual retirement accounts linked to savings and certificate of deposit accounts.
When did Axos Bank’s acquisition of IRA deposits from Capital One close?
The acquisition closed on September 21, 2026, when Axos Bank completed the purchase of the IRA deposits from Capital One, National Association.
How was the consideration for the $1.9 billion of IRA deposits to Axos Bank structured?
Axos Bank received cash for the aggregate deposit balance of the IRA accounts it acquired, less a negotiated premium, as provided under the Purchase and Assumption Agreement.
What agreement governed Axos Bank’s acquisition of IRA deposits from Capital One?
The transaction was governed by a Purchase and Assumption Agreement dated April 22, 2026. This agreement, also referred to as a Deposit Purchase Agreement, has been incorporated by reference as Exhibit 99.1.
Is the full Deposit Purchase Agreement for Axos Financial (AX) publicly available?
Yes. The Deposit Purchase Agreement is incorporated by reference as Exhibit 99.1, referring to a copy previously filed with the Securities and Exchange Commission on April 23, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): September 21, 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 | ||||||
NYSE Texas ( | ||||||||
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 September 21, 2026, Axos Bank (the “Bank”), a subsidiary of Axos Financial, Inc. (the “Company”), completed its previously announced acquisition of individual retirement accounts (“IRAs”) deposited into associated savings and certificate of deposit accounts from Capital One, National Association (“Capital One”), pursuant to the terms of the Purchase and Assumption Agreement, dated April 22, 2026 (the “Agreement”). The Bank acquired approximately $1.9 billion of IRA deposits from Capital One and received cash for the aggregate deposit balance, 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 April 23, 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 April 23, 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: | September 21, 2026 | By: | /s/ Derrick K. Walsh | |||||||||||
| Derrick K. Walsh | ||||||||||||||
| EVP and Chief Financial Officer | ||||||||||||||