EverBank Acquires Banking Operations of Bank of Florida
Provides Deposits and Assets of Approximately $1.2 Billion and $1.5 Billion; EverBank Uses Acquisition to Foray Into Wealth Management and Private Banking
JACKSONVILLE, FL–(Marketwire – May 28, 2010) – EverBank® Financial Corp, one of the nation’s largest secretly hold bank land companies, currently voiced which it has acquired all the deposits, almost all of the assets, and sure liabilities of the Bank of Florida – Southwest, Bank of Florida – Southeast, and Bank of Florida – Tampa Bay (collectively “Bank of Florida”) from the Federal Deposit Insurance Corporation (the “FDIC”), bringing the sum resources to we estimate $11.5 billion.
Under the conditions of the agreement with the FDIC, EverBank insincere deposits of we estimate $1.2 billion and resources of we estimate $1.5 billion, together with loans of $1.2 billion. All loans acquired in the contract have been theme to detriment pity agreements with the FDIC.
The further of the former Bank of Florida Financial Centers and commercial operation lines to the EverBank Family of Companies expands the bank’s endowment winning banking, lending and tellurian investment product offerings in to resources government and in isolation promissory note whilst augmenting the invasion of rarely fascinating deposition business in Miami/Ft. Lauderdale, Naples/Ft. Myers, and Tampa Bay; markets where EverBank already has a poignant patron base.
“We demeanour brazen to welcoming the brand new business on Tuesday sunrise when the former Bank of Florida locations open as branches of EverBank,” pronounced Rob Clements, Chairman and CEO of EverBank Financial Corp. ”We expect business will be gratified to find which 100% of their deposits will sojourn protected and secure. In addition, they will good from carrying broader product choices and some-more ways to entrance their accounts, which have been right away being hold by a bank which is one of the strongest and many fast banks in the republic today.”
“Bank of Florida’s joining to well-developed patron use aligns good with the enlightenment and worth proposition,” pronounced Blake Wilson, President and CFO of EverBank. ”We have been really gratified to acquire Bank of Florida employees in to the EverBank family.”
EverBank’s not long ago voiced initial entertain gain were $31.3 million, a 98% enlarge from the prior year quarter. Assets grew to $9.6 billion and deposits grew to $7.4 billion, representing year over year expansion of 26% and 31%, respectively. EverBank core collateral is we estimate $1 billion, surpassing what is deliberate “well capitalized” by regulators by we estimate $500 million.
Effective immediately, former depositors of Bank of Florida have been right away depositors of EverBank and 100% of their deposits have been insincere by EverBank, even those which exceeded FDIC-insured thresholds. Their deposits go on to be insured by the FDIC to the same border as they were insured whilst at Bank of Florida. In addition, business can go on to bank at their stream branches and entrance their income by essay checks or regulating their ATM or withdraw cards. Checks drawn on Bank of Florida will go on to be processed, and loan business can go on to have their payments as usual.
To assistance business with the transition, EverBank member will be on site at all former Bank of Florida locations to support bend crew with patron needs. For one some-more information, business can additionally visit www.EverBank.com/BankofFlorida or call the EverBank Customer Care Specialists at 888.882.EVER (3837).
About EverBank Financial Corp
EverBank Financial Corp is a secretly hold bank land association headquartered in Jacksonville, Florida. With we estimate $11.5 billion in assets, $8.9 billion in deposits, we estimate 2,000 employees, and over 700,000 business nationwide, EverBank is one of the industry’s fastest growing, tall behaving bank land companies.
EverBank provides banking, investing and lending products national without delay to consumers and by a accumulation of businesses. EverBank has a 4-star rating from BauerFinancial. Banks rated 4 stars or some-more have been deliberate “safe, financially receptive to advice and handling good on top of their regulatory collateral requirements.” In addition, EverBank has perceived countless awards together with Forbes and Online Banking Report’s “Best of the Web,” Kiplinger’s Personal Finance magazine’s “Best Checking Account” as good as alternative servicing, banking, and record honors.
FORWARD-LOOKING STATEMENTS ARE BASED ON ESTIMATES AND ASSUMPTIONS AND BECAUSE FORWARD-LOOKING STATEMENTS ADDRESS FUTURE RESULTS, EVENTS AND CONDITIONS, THEY, BY THEIR VERY NATURE, INVOLVE INHERENT RISKS AND UNCERTAINTIES. SUCH KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR OTHER ACHIEVEMENTS TO DIFFER MATERIALLY FROM THE ANTICIPATED RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED, PROJECTED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS AND FUTURE RESULTS COULD DIFFER MATERIALLY FROM HISTORICAL PERFORMANCE. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE AND ARE STATEMENTS OF OUR CURRENT EXPECTATIONS CONCERNING FUTURE RESULTS, EVENTS AND CONDITIONS AND NEITHER EVERBANK, NOR ITS SUBSIDIARIES, NOR THEIR RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES OR AGENTS, UNDERTAKES ANY OBLIGATION TO PROVIDE ADDITIONAL INFORMATION OR TO CORRECT OR UPDATE ANY OF THE INFORMATION SET FORTH HEREIN.
