EverBank

Last updated

EverBank
Company type Subsidiary
Industry Banking, Financial services
PredecessorsFirst Alliance Bank
FoundedOctober 1, 1998;25 years ago (1998-10-01) in Jacksonville, Florida, U.S.
FounderFrank Trotter, Rob Foregger, Vincent Amato, and David Galland
Headquarters
EverBank Plaza
501 Riverside Ave
Jacksonville, Florida
,
U.S.
Area served
Worldwide
Key people
Greg Seibly, CEO
David DePillo, President
Products Consumer banking, corporate banking, credit cards, finance and insurance, foreign currency exchange, investment banking, private equity, wealth management
Total assets Increase2.svg US$34.6 billion (2023)
OwnerFunds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, and Bayview Asset Management as well as TIAA.
Website www.everbank.com
Footnotes /references
[1]
EverBank Center, Downtown Jacksonville EverBank Center 1.JPG
EverBank Center, Downtown Jacksonville
Old EverBank logo Oldeverbanklogo.jpg
Old EverBank logo
Everbank Field showing the EverBank signage EverBank1.jpg
Everbank Field showing the EverBank signage

EverBank is an American diversified financial services company providing banking and investment services, primarily via a direct bank. It is based in Jacksonville, Florida. It is owned by funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, and Bayview Asset Management as well as TIAA. It is on the list of largest banks in the United States.

Contents

Since 2010, the company has owned the naming rights to EverBank Stadium, under an agreement scheduled to expire in 2024. [2] [3] [4] [5]

History

While the roots of EverBank stretch back to 1961, the current incarnation was formed in 1994 when Chairman Robert Clements led an investor group in acquiring Jacksonville, Florida–based Alliance Mortgage Company. [6]

In 1998, Alliance Mortgage Company formed First Alliance Bank in Jacksonville, Florida.

In 1999, Frank Trotter and partners led an investor group to found EverBank. [7] In April 1999, EverBank acquired the world currency division of Mercantile Bancorporation. [8]

In 2001, First Alliance Bank acquired Marine National Bank, also of Jacksonville, Florida. [9]

On November 5, 2002, First Alliance Bank acquired EverBank. [10]

On February 2, 2004, the company took the name EverBank. [11]

In May 2007, EverBank agreed to acquire NetBank's direct banking and small business financing divisions and mortgage servicing portfolio; however, in September 2007, Everbank terminated the agreement, claiming that NetBank had been unable to comply with provisions regarding certain cash levels due to the 2007 subprime mortgage financial crisis. [12] Instead, EverBank acquired $700 million of NetBank's assets. [13]

In May 2008, MetLife acquired the bank's reverse mortgage division. [14]

In 2009, during the 2008–2011 Icelandic financial crisis, a class action lawsuit was filed against EverBank in the Superior Court of California on behalf of purchasers of certificates of deposit denominated in Icelandic Krona from the bank. The lawsuit alleged that EverBank, against the instructions of its customers, closed the accounts at an unreasonable exchange rate, resulting in a loss of much of the purchasers' principal. Judge Richard Seeborg in San Jose granted EverBank summary judgment on all of the lawsuit's claims, finding that EverBank did not act in bad faith and had the discretion to close the accounts due to exposure of approximately $12 million in losses had the currency not recovered. A federal appeals court remanded the case to district court in 2014 to determine if the bank breached the terms and conditions when it returned the value of the accounts to the class members. The case was settled in 2016. [15] [16] [17]

In February 2010, EverBank acquired Tygris Commercial Finance Group, Inc., a provider of financing for business equipment. [18]

In May 2010, EverBank acquired all the deposits, substantially all of the assets, and certain liabilities of the Bank of Florida from the Federal Deposit Insurance Corporation, bringing its total assets to approximately $11.5 billion. [19]

In February 2012, the bank agreed to acquire the warehouse finance business of MetLife. [20] [21]

In October 2012, EverBank acquired Business Property Lending from GE Capital for $2.4 billion. [22] [23] [24]

On June 9, 2017, TIAA acquired the bank; it was later renamed TIAA Bank. [25] [26] [27] [28]

In August 2023, the bank was acquired by funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, and Bayview Asset Management; the name was returned to EverBank. [29] [30]

Also in August 2023, the bank paid $8.5 million to settle a class action lawsuit alleging failure to pay overtime wages; loan officers received an average of $17,000 each and lawyers received $2.8 million in fees. [31] [32]

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References

  1. ↑ "FDIC: BankFind Details". Federal Deposit Insurance Corporation .
  2. ↑ Heilman, Phillip (February 16, 2018). "New name for Jaguars' stadium: TIAA Bank Field". The Florida Times-Union .
  3. ↑ Mitchell, Tia (July 26, 2010). "Jacksonville sweetens deal - by $4 million - for Jaguars' stadium agreement". The Florida Times-Union .
  4. ↑ Dixon, Drew (January 21, 2015). "EverBank inks extension deal for naming rights of Veterans Memorial Arena club area". The Florida Times-Union .
  5. ↑ DeLawrence, Jacob (June 5, 2018). "EverBank Field officially becomes TIAA Bank Field". USA Today .
  6. ↑ Gilliam, Derek (August 11, 2016). "What's next for EverBank — Inside the $2.5 billion sale" . American City Business Journals .
  7. ↑ Edwards, Greg (August 8, 2016). "TIAA buys EverBank — both have St. Louis ties" . American City Business Journals .
  8. ↑ Dornbrook, James (March 26, 2014). "Florida bank establishes foothold in KC area" . American City Business Journals .
  9. ↑ "Downtown Buildings Altered Beyond Recognition". Metro Jacksonville . November 28, 2011.
  10. ↑ "Everbank acquired by Florida bank" . American City Business Journals . November 6, 2002.
  11. ↑ "Alliance Capital Partners takes EverBank name" . American City Business Journals . February 3, 2004.
  12. ↑ Stempel, Jonathan (September 17, 2007). "EverBank cancels purchase of NetBank assets". Reuters .
  13. ↑ Poirier, John (September 28, 2007). "EverBank acquires $700 mln of NetBank's assets". Reuters .
  14. ↑ "METLIFE BANK COMPLETES ACQUISITION OF EVERBANK REVERSE MORTGAGE LLC" (Press release). MetLife. May 30, 2008.
  15. ↑ Asbury, Kyla (November 14, 2014). "Ninth Circuit rules for EverBank didn't act in bad faith". Washington Examiner .
  16. ↑ "Claim Over Icelandic Conversion Rate Revived". Courthouse News Service . October 31, 2014. Archived from the original on November 30, 2014.
  17. ↑ "Vathana v. Everbank". July 20, 2016.
  18. ↑ "EverBank Completes Acquisition of Tygris" (Press release). New Mountain Capital. February 9, 2010.
  19. ↑ Bandell, Brian (May 28, 2010). "EverBank snags failed Bank of Florida" . American City Business Journals .
  20. ↑ Frye, Andrew (February 9, 2012). "MetLife Sells Insurer's Warehouse Finance Business to EverBank" . Bloomberg News .
  21. ↑ "EverBank to buy MetLife Bank unit". Reuters . February 9, 2012.
  22. ↑ "EverBank Financial Corp to acquire Business Property Lending, Inc. from GE Capital Real Estate" (Press release). Business Wire. July 2, 2012.
  23. ↑ Browdie, Brian (October 2, 2012). "EverBank Finalizes $2.4B Purchase of GE Business-Lending Unit" . American Banker .
  24. ↑ Conte, Christian (July 2, 2012). "EverBank buys $2.5 billion GE real estate unit" . American City Business Journals .
  25. ↑ Robinson, Will (June 9, 2017). "It's official: TIAA completes acquisition of EverBank" . American City Business Journals .
  26. ↑ Gibbons, Timothy (June 5, 2018). "As TIAA Bank becomes official, merger 'favorable' to Jacksonville job market" . American City Business Journals .
  27. ↑ Cannon, James (August 8, 2016). "TIAA announces acquisition of EverBank" . American City Business Journals .
  28. ↑ Ensign, Rachel Louise; Demos, Telis (August 8, 2016). "TIAA to Buy EverBank for $2.5 Billion" . The Wall Street Journal .
  29. ↑ "TIAA Bank to become EverBank, a Brand Built on Legacy, Partnership and Forward-Looking Confidence" (Press release). PR Newswire. June 23, 2023.
  30. ↑ "TIAA Completes Sale of TIAA Bank to Private Investors; Bank Now Doing Business as EverBank" (Press release). TIAA. August 1, 2023.
  31. ↑ Bennett, Jennifer (August 2, 2023). "TIAA Bank Workers Win Final Nod for $8.5 Million Wage Suit Deal" . Bloomberg Law .
  32. ↑ "DeSimone v. TIAA Bank".
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