Eagle Financial Services in Berryville, Va., has sold its marine finance business to Axos Financial in Las Vegas.
The $1.8 billion-asset Eagle said in a regulatory filing that Axos agreed to buy LaVictoire Finance for $1.5 million.
Axos agreed to assume the servicing of the bank’s marine finance loans, and those of third parties, for a fee of 20 basis points of the principal balance of the loans being serviced.
The agreement includes a two-year nonsolicitation provision related to LaVictoire Finance employees who joined Axos.
Axos also agreed to buy all the marine vessel dealer floor plans loans, which had an aggregate principal balance of about $61.8 million.