Axos Bank has been approved by the Office of the Comptroller of the Currency to close the deposit assumption agreement with MWABank on March 15, 2019. Pursuant to the agreement announced on December 13, 2018, Axos Bank will acquire approximately $173 million in deposits from MWABank, including approximately $151 million in checking, savings and money market accounts and $22 million in time deposit accounts. Axos Bank will receive cash equal to the book value of the deposit liabilities as well as reimbursement of Axos Bank conversion costs.
“We are extremely pleased to receive regulatory approval for our third transaction in 2019,” said Greg Garrabrants, president and chief executive officer of Axos Bank. “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.”
Axos Bank paid no deposit premium for the acquired deposits. The current weighted average annual interest rate paid on the acquired deposits is approximately 44 basis points.