ACQUISITIONS The Company completed two business acquisitions and two asset acquisitions during the fiscal year ended June 30, 2019 and one business acquisition during the fiscal year ended June 30, 2018. The pro forma results of operations and the results of operations for the acquisitions since the acquisition date have not been separately disclosed because the effects were not material to the consolidated financial statements. The Company has included the financial results of the acquired businesses in its consolidated financial statements subsequent to the acquisition dates. The business acquisitions have been accounted for under the acquisition method of accounting. The assets, both tangible and intangible, were recorded at their estimated fair values as of the transaction date. The Company made significant estimates and exercised judgment in estimating fair values and accounting for such acquired assets and liabilities. The purchase transactions are detailed below. MWABank deposit acquisition . On March 15, 2019, the Bank closed the deposit assumption agreement with MWABank and acquired approximately $ 173 million of deposits, including approximately $ 151 million of checking, savings and money market accounts and $ 22 million of time deposits, from MWABank. Axos did not acquire any assets, employees or branches in this transaction. The Bank received cash equal to the book value of the deposit liabilities. WiseBanyan . On February 26, 2019 the Companys subsidiary, Axos Securities, LLC, acquired 100% of the equity of WiseBanyan Holding, Inc. and its subsidiaries (collectively WiseBanyan). Headquartered in Las Vegas, Nevada, WiseBanyan is a provider of personal financial and investment management services through a proprietary technology platform. When acquired, WiseBanyan served approximately 24,000 clients with approximately $150 million of assets under management. The Company paid $3.2 million in cash to acquire the assets of WiseBanyan and recorded $2.7 million in intangible assets. The Company purchased the whole WiseBanyan business and has the entire voting interest. Goodwill is not expected to be deducted for tax purposes. COR Securities Holdings. On January 28, 2019 (Acquisition Date), Axos Clearing, LLC and Axos Clarity MergeCo., Inc. completed the acquisition of 100% of the equity of COR Securities Holdings Inc.(COR Securities), the parent company of COR Clearing LLC (COR Clearing), pursuant to the terms of the Agreement and Plan of Merger, dated as of September 28, 2018 (the Merger Agreement). Headquartered in Omaha, Nebraska, COR Clearing is a full-service correspondent clearing firm for independent broker-dealers. Established as a part of Mutual of Omaha Insurance Company and spun off as Legent Clearing in 2002, COR Clearing provides clearing, settlement, custody, and securities and margin lending to more than sixty introducing broker-dealers and 90,000 customers. The total cash consideration of approximately $80.9 million was funded with existing capital. The Company issued subordinated notes totaling $7.5 million to the principal stockholders of COR Securities in an equal principal amount, with a maturity of 15 months, to serve as the sole source of payment of indemnification obligations of the principal stakeholders of COR Securities under the Merger Agreement. The Company is in the process of making an indemnification claim against the $7.4 million remaining. The acquisition of COR Securities is accounted for as a business combination using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration paid are recorded at estimated fair values on the Acquisition Date. The Company recorded goodwill of $35.5 million and an additional $20.1 million in intangible assets as of the Acquisition Date. Included in the professional services line of the statement of income for the fiscal year ended June 30, 2019 , the Company recognized $0.4 million in transaction costs. The acquisition will enable the Company to expand its banking business to a new customer base through independent broker-dealers and consumer account relationships, scale entry into wealth management through technology-driven platforms, and increase and diversify fee revenue, all of which will improve key operating metrics. The goodwill recognized results from the expected synergies and potential earnings from this combination. The consideration paid for COR Securities common equity was $88.4 million and the fair values of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows: (Dollars in thousands) January 28, 2019 ASSETS Cash and due from banks $ 16,604 Cash segregated for regulatory purposes 142,016 Securities, available for sale 9,585 Stock of the regulatory agencies, at cost 2,431 Securities borrowed 157,898 Customer, broker-dealer and clearing receivables 234,352 Other assets 5,487 Total identifiable assets $ 568,373 LIABILITIES Borrowings, subordinated notes and debentures $ 85,100 Securities loaned 203,041 Customer, broker-dealer and clearing payables 240,110 Accounts payable and accrued liabilities 7,383 Total identifiable liabilities $ 535,634 Net identifiable assets $ 32,739 Intangible assets 20,120 Goodwill 35,501 Total net assets acquired $ 88,360 Total cash paid $ 80,860 Borrowings, subordinated notes and debentures issued 7,500 Total fair value of consideration paid $ 88,360 Nationwide Bank deposit acquisition . On November 16, 2018, the Bank completed the acquisition of substantially all of Nationwide Banks (Nationwide) deposits at the time of closing, adding $2.4 billion in deposits, including $661.4 million in checking, savings and money market accounts and $1.7 billion in time deposit accounts. The Bank received cash for the deposit balances transferred less a premium of $13.5 million , recorded in intangibles, commensurate with the fair market value of the deposits purchased. Bankruptcy trustee and fiduciary services business of Epiq Systems, Inc . On April 4, 2018 , the Company acquired the bankruptcy trustee and fiduciary services business of Epiq Systems, Inc. (Epiq). The assets acquired by the Company include comprehensive software solutions, trustee customer relationships, trade name, accounts receivable and fixed assets. The business provides specialized software and consulting services to Chapter 7 bankruptcy and non-Chapter 7 trustees and fiduciaries in all fifty states. This business is expected to generate fee income from bank partners and bankruptcy cases, as well as opportunities to source low cost deposits. No deposits were acquired as part of the transaction. Under the terms of the purchase agreement, the aggregate purchase price included the payment of $70.0 million in cash. The Company acquired intangible assets with fair values of $32.7 million , including customer relationships, developed technologies, a covenant not to compete and the trade name, and accounts receivable and fixed assets of $1.6 million , resulting in goodwill of $35.7 million . Transaction-related expenses were de minimis. The following table sets forth the fair value of assets acquired from Epiq on the consolidated balance sheets as of April 4, 2018 : (Dollars in thousands) April 4, 2018 Fair value of consideration paid Cash $ 70,002 Total consideration paid $ 70,002 Fair value of assets acquired Intangible assets $ 32,720 Other assets 1,563 Total assets $ 34,283 Fair value of net assets acquired $ 34,283 Goodwill incident to acquisition $ 35,719 The Company recognized goodwill of $35.7 million as of April 4, 2018 , which is calculated as the excess of the consideration exchanged as compared to the fair value of identifiable assets acquired. Goodwill resulted from expanded product lines and low-cost funding opportunities and is expected to be deductible for tax purposes. During the fiscal year ended June 30, 2019, the Company settled the working capital with Epiq. See Note 10 to the consolidated financial statements for further information on goodwill and other intangible assets.