Bloomberg News says EverBank Financial exploring possible sale

Started by thelakelander, July 25, 2016, 12:34:18 PM

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thelakelander

July 25, 2016, 12:34:18 PM
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life." - Muhammad Ali

BennyKrik

#2
July 25, 2016, 01:48:19 PM
JP Morgan bAby

TheCat

#4
July 25, 2016, 02:45:51 PM
QuoteBank said to hire adviser after getting interest from suitor
Florida bank has a market valuation of about $1.9 billion

EverBank Financial Corp., the largest bank based in Florida by deposits, is exploring a sale after receiving interest from a potential suitor, according to people familiar with the matter.
The Jacksonville-based lender has been working with UBS Group AG to solicit offers from possible buyers, said the people, who asked not to be identified because the matter is not public. EverBank began working with UBS to gauge interest in a sale within the last two months, after receiving an unsolicited approach, the people said.

No deal has been reached and EverBank may decide to remain independent, they said. Shares rose as much as 12 percent and were trading 7 percent higher at 10.58 a.m. in New York, giving the bank a market valuation of about $2.1 billion.
Representatives for EverBank and UBS declined to comment.

Mergers involving small and mid-sized banks have been accelerating, as regional lenders seek scale to better cope with higher regulatory costs and low interest rates. F.N.B. Corp. agreed to buy Yadkin Financial Corp. for about $1.4 billion last week, while Canadian Imperial Bank of Commerce agreed to buy Chicago-based PrivateBancorp Inc. for $3.8 billion last month.

EverBank, which went public in 2012, provides personal and business loans across the U.S., and also operates a wealth-management division. It is primarily an online bank, with just 12 branches as of June 2015, according to the latest data from the Federal Deposit Insurance Corp. It made two acquisitions worth almost $3 billion combined in 2012, buying a warehouse finance business from MetLife Inc. and a commercial-property lending business from General Electric Co.

EverBank was the the largest Florida-based lender based on deposits as of June 2015, according to the FDIC data.
EverBank was among a number of small banks that raised money from private equity firms after the financial crisis to stabilize balance sheets. Its two largest investors are buyout firms Sageview Capital, which held more than 8 percent of its outstanding common shares as of March 15, and funds managed by TPG Capital, which held about 7 percent, according to its latest proxy filing.
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http://www.bloomberg.com/news/articles/2016-07-25/everbank-financial-said-to-work-with-ubs-to-explore-sale

tpot

#5
July 25, 2016, 02:48:05 PM
Very bad news for Jacksonville and especially downtown......if they are purchased most of the bank will just be absorbed and most of the jobs in Jacksonville will be eliminated........

FlaBoy

#6
July 25, 2016, 04:45:44 PM
I think the Bold Bean downtown is the least of the worries on this one.


Maybe, just maybe, it is a large international bank similar to Deutche looking to secure a main US location outside of NYC...OR a large US Bank looking to establish a secondary employment center outside of its primary location (NYC, San Francisco, etc) for cheaper labor.

jaxlongtimer

#7
July 25, 2016, 05:02:44 PM Last Edit: July 25, 2016, 05:07:56 PM by jaxlongtimer
It could be a non-bank acquirer.  For example, Amazon is moving into offering student loans.  From what I have read, this could be their first foray into a bigger plan of offering financial services.  Everbank's concentration in internet banking and mortgage lending could play well into such a vision.  If it was a non-bank acquirer, Jax could actually end up being the HQ's for a substantial expansion of Everbank with the resources of a larger parent company.  Witness the acquisition of Alltel's Information Systems by Fidelity.  We have 3 Fortune 500 HQ's out of that one :).

Kiva

#9
July 25, 2016, 06:16:25 PM
It could be a bank that wants to expand here due to Brexit. Speculation is cheap!

spuwho

#10
July 25, 2016, 06:31:56 PM
"Amazon Field"

"Google Field"

"Discover Financial Field"

"BB&T Field"

Chase, BAC, PNC, M&T already have fields named for them.

Tacachale

#11
July 25, 2016, 06:38:41 PM
Doesn't bode well for the Jax jobs if true.
Do you believe that when the blue jay or another bird sings and the body is trembling, that is a signal that people are coming or something important is about to happen?

brainstormer

#12
July 25, 2016, 07:37:06 PM
Someday there will just be one big bank, completely backed by the government because it is too big to fail. Yay capitalism! ::)

ProjectMaximus

#13
July 25, 2016, 08:30:04 PM
Quote from: spuwho on July 25, 2016, 06:31:56 PMChase, BAC, PNC, M&T already have fields named for them.

Didn't stop the American Airlines Arena in Miami and American Airlines Center in Dallas  ;D

jaxlongtimer

#14
July 25, 2016, 09:16:58 PM
QuoteIt could be a non-bank acquirer.  For example, Amazon is moving into offering student loans.  From what I have read, this could be their first foray into a bigger plan of offering financial services.  Everbank's concentration in internet banking and mortgage lending could play well into such a vision.  If it was a non-bank acquirer, Jax could actually end up being the HQ's for a substantial expansion of Everbank with the resources of a larger parent company.  Witness the acquisition of Alltel's Information Systems by Fidelity.  We have 3 Fortune 500 HQ's out of that one :)

Another possibility:  The people bringing you Quicken Loans.  Another tech company diversifying into financial services :).
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