EverBank acquires NetBank businesses
05/21/2007
Jacksonville, FL - EverBank®, one of the nation's largest privately-held financial services firms, announced today it has reached an agreement that will increase its asset base to approximately $7 billion, its deposit base to approximately
$6 billion, and its customer base to over 550,000 through the acquisition of NetBank's direct banking and small business financing divisions and intended purchase of NetBank's mortgage servicing portfolio. EverBank expects to complete the acquisition by early summer with full integration expected by the third quarter of this year.
The transaction will deepen EverBank's national online banking presence, expand its asset generation capabilities, and add depth to its mortgage servicing operation. "This transaction is consistent with our ongoing strategy of leveraging our scalable platforms in our core businesses to deliver unique, high-value products to customers nationwide," said Rob Clements, CEO and Chairman of EverBank.
This year in addition to the NetBank acquisition, EverBank expanded its reverse mortgage capabilities through the purchase of and repositioning of BNY Mortgage Company (BNYMC) and rounded out its commercial real estate lending group through the purchase of substantially all assets of the Apartment Lending Group (ALG).
EverBank provides high value banking, mortgage, and investing opportunities to a nationwide customer base. "With three major acquisitions this year, EverBank continues to build on the model of delivering high quality innovative financial services through a wide array of channels and partners," said Blake Wilson, EverBank President and Chief Financial Officer. "The NetBank acquisition is another important milestone in our strategic transformation into a high-performing, fully-integrated financial services company."
EverBank recorded earnings of $32.6 million for the year ended December 31, 2006, up 15% from 2005 earnings of $28.2 million. Earnings for the fourth quarter of 2006 were $10.7 million, up 62% from $6.6 million a year ago. Total assets were $4.2 billion on December 31, 2006, a 14% increase from $3.7 billion a year ago. Return on equity for 2006 was 17%.
EverBank Financial Corp is a private financial services holding company headquartered in Jacksonville, Florida. With approximately $4.7 billion in assets, 1,500 employees, and over 400,000 customers nationwide, EverBank is one of the industry's fastest growing, high performing financial service firms.
EverBank provides national banking and lending products directly to consumers and through a variety of business partners including priceline.com, Bank of New York, and other financial advisors and brokers. EverBank has received numerous awards including Forbes and Online Banking Report's "Best of the Web" as well as other servicing, banking, and technology honors.
EverBank, the EverBank Infinity Sphere and the EverBank logo are proprietary service marks of EverBank; All rights reserved.
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