Business Context and Reporting Period
This Form 8-K is filed by BofI Holding, Inc. (not Axos Financial, Inc.) on June 26, 2013. The report details a material definitive agreement entered into by its subsidiary, BofI Federal Bank.
Key Financial Metrics
The filing does not provide standard financial metrics such as revenue, profit, cash flow, margins, or existing debt levels. The primary financial figure disclosed relates to a specific transaction:
- Deposit Acquisition: Approximately $200 million in deposits (checking, non-IRA savings, money market, and CD accounts).
- Consideration: BofI Federal Bank will receive cash for the transferred deposit balances.
Material Changes
The material change reported is the entry into a purchase and assumption agreement with Principal Bank (a subsidiary of The Principal Financial Group). This transaction represents a strategic expansion of BofI Federal Bank's deposit base, pending regulatory approval.
Outlook, Risks, and Contingencies
- Regulatory Approval: The transaction is contingent upon prior approval by the Office of the Comptroller of the Currency.
- Closing Timeline: The closing of the transaction is targeted for September 2013.
- Management Commentary: A joint press release was issued on June 27, 2013, announcing the agreement.
Investor Verification Checklist
- Verify the regulatory approval status from the Office of the Comptroller of the Currency.
- Confirm the actual closing date in September 2013.
- Review the specific terms of the cash consideration for the $200 million deposit transfer.
- Note the discrepancy between the requested company name (Axos Financial) and the filing registrant (BofI Holding, Inc.).