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Stock impact report

Axos makes first deal since 2019, acquiring specialty lender [Yahoo! Finance]

Axos Financial, Inc. (AX) 
Company Research Source: Yahoo! Finance
What's at Stake: The bank has been aiming to expand its non-real estate loan growth opportunities. Supporting data: The deal is Axos' first acquisition since 2019. Axos Financial is making its first acquisition in six years as the bank looks for routes to diversify its lending streams. The digital bank said Monday it would buy the equipment leasing company Verdant Commercial Capital for $43.5 million, though the price tag could go up over time based on the business' performance. The nonbank acquisition, which Axos expects to close at the end of the month, expands the buyer's existing equipment leasing business, and will add $1.1 billion of loans to its non-real estate commercial lending portfolio. Axos, a $25 billion-asset bank with about two-thirds of its loan book tied to real estate, has been making moves over the past couple of years to increase its lending operations in sectors like fund finance and middle market. Earlier this year, CEO Greg Garrabrants said that Axos Show less Read more
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