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Axos Bank closes acquisition of $175M deposits from MWABank

San Diego-based Axos Bank on March 15 completed its acquisition of approximately $175 million of deposits from Rock Island, Ill.-based MWABank, according to Johnny Lai, vice president of corporate development and investor relations.

Lai told S&P Global Market Intelligence in an email that Axos Bank paid no premium to acquire the deposits and clarified that the bank did not acquire MWABank or any of its assets.

The Office of the Comptroller of the Currency has given its approval for the transaction.

Axos Bank is a subsidiary of Axos Financial Inc.