Axos Bank to acquire $225M of deposits from MWABank
Seeking Alpha
Published Dec 13, 2018 08:54AM ET
Axos Bank to acquire $225M of deposits from MWABank
- Axos Bank (NYSE:AX) agrees to acquire $225M of deposits from MWABank, adding about 25,000 accounts consisting of $194M of checking, savings, and money market accounts and $31M of time deposits.
- The bank isn't assuming any assets, employees, or branches in the deal.
- Axos will pay no deposit premium and replace higher cost funding with the acquired deposits at closing.
- Current weighted average annual interest rate paid on the acquired deposits is about 42 basis points.
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