BofI Federal Bank Receives Regulatory Approval for Nationwide Deposit Acquisition
BOFI HOLDINGS (BOFI)
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Source: Business Wire
BofI to Assume Nationwide Bank Deposits and Convert Bank Customers in Mid-November 2018 SAN DIEGO--(BUSINESS WIRE)-- BofI Federal Bank (“BofI”), the banking subsidiary of Axos Financial, Inc. (NASDAQ: BOFI), announced today that it has received regulatory approval from the Office of the Comptroller of the Currency (the "OCC") to proceed with the definitive purchase and assumption transaction previously announced on August 3, 2018. Under the agreement, BofI Federal Bank will purchase from Nationwide Bank certain assets and assume certain liabilities, including approximately $3 billion of deposit liabilities of Nationwide Bank, in a transaction expected to close no later than November 16, 2018. “We are pleased to receive regulatory approval for this transaction in 45 days,” stated Greg Garrabrants, President and Chief Executive Officer. "Once completed and closed, the Nationwide Bank deposits will
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