Bloomberg News says EverBank Financial exploring possible sale

[mtraininjax]

Why would you assume immediately that the brand would leave Jax?

Track record. Barnett, a major powerhouse bank of Florida,  left when Rice sold out to Nationsbank.

Many small regional banks Jacksonville Bank, Florida National Bank, Ameris, Atlantic Coastline, and other credit unions remain, but nothing is the same powerhouse as Everbank, unless you look at Vystar.

Vystar is really the exception to the rule, but they used to be Jax Navy FCU and used to really cater to Navy, which Jax has a huge presence, obviously.

Ameris has been slowly adding more operations, nice to see that even though they have their charter in GA, they have moved into downtown and are growing their business, buying Jacksonville Bank as well as a bank in Gainesville.

[Steve]

It really depends on who buys them

- if the buyer is another retail bank, then that's not good.
- if the buyer is a financial organization that doesn't have a retail banking component, it seems like EverBank would become a subsidiary of some other company, but still largely look the same day to day.

[KenFSU]

^No offense, but this is totally wrong.

Great businesses, like those on the market for $2.5 billion, develop strong brands, and Everbank is no different.

The company has done a fantastic job over the last 10 years establishing its brand, and I can guarantee you that whoever is planning to acquire Everbank has gone to great lengths to quantify Everbank's brand equity.

Brand isn't some silly buzzword. The experience of engaging with a company has become a legitimate, increasingly huge driver of business and acquisition.

[TheCat]

Everbank is not a brand. Russell is an example of a brand. Despite our laws and court rulings, companies are not people. Don't conflate.

[icarus]

Well, it seems discussions are much further along than the new lets on.  I am hearing rumors that the process for selling the naming rights to Everbank Field are already getting under way.

It seems the acquirer is not interested in retaining the naming rights to the stadium.

[Houseboat Mike]

aren't rumors fun?

[ProjectMaximus]

lol I'll just add to the hearsay/grapevine listening...I know an exec in the process of relocating to Jax to for everbank. We never discussed any potential acquisition/merger at all but he says he should know if he's taking the job in the next couple weeks. Best case he is part of the acquiring company and they're keeping operations in jax. Worst case at least it's not a done deal if they're potentially relocating an exec to the area.

[Houseboat Mike]

OMG this is hilarious... They are obviously not taking into consideration it may not be a bank. The fact it is an all cash offer makes me think it may not be a publicly traded company at all. Did this guy just call them or what?

http://www.wokv.com/news/news/local/sale-jacksonville-based-everbank-unlikely-near-fut/nr8qd/

[Traveller]

just curious mike, who could you see buying it besides a bank? seems it must at least be a financial co. of some variety

Dow Jones is reporting the potential buyer is TIAA-CREF.

[FlaBoy]

http://www.bloomberg.com/news/articles/2016-08-03/tiaa-in-talks-to-acquire-everbank-for-2-5-billion-reuters-says


Not good. They have a major office in Charlotte and Dallas...

[icarus]

http://www.bloomberg.com/news/articles/2016-08-03/tiaa-in-talks-to-acquire-everbank-for-2-5-billion-reuters-says


Not good. They have a major office in Charlotte and Dallas...

It actually may make a good fit.  Everbank's banking operations are mostly online and the banking services really were an add on to mortgage origination and servicing.  Personally, I dont see the wholesale loss of jobs if they are indeed the acquirer.

[Houseboat Mike]

http://www.bloomberg.com/news/articles/2016-08-03/tiaa-in-talks-to-acquire-everbank-for-2-5-billion-reuters-says


Not good. They have a major office in Charlotte and Dallas...

It actually may make a good fit.  Everbank's banking operations are mostly online and the banking services really were an add on to mortgage origination and servicing.  Personally, I dont see the wholesale loss of jobs if they are indeed the acquirer.

+1

[FlaBoy]

http://www.bloomberg.com/news/articles/2016-08-03/tiaa-in-talks-to-acquire-everbank-for-2-5-billion-reuters-says


Not good. They have a major office in Charlotte and Dallas...

It actually may make a good fit.  Everbank's banking operations are mostly online and the banking services really were an add on to mortgage origination and servicing.  Personally, I dont see the wholesale loss of jobs if they are indeed the acquirer.

+1

Not the wholesale, but Everbank has had a huge presence in this community. I promise you that will not continue in the same way. There will also not be executive or high earnings jobs here unless they move all of their operations from their already started competitor here.

[FlaBoy]

if its TIAA they're buying it for the online banking infrastructure and do not give a rip about Jax, despite whatever the first press release says.

if they can operate everbanks banking platform from somewhere cheaper, they will.  almost certainly wont be any execs around here in 2-3 years so I imagine they'll look to ditch the riverside offices.  but hey maybe downtown jax is the best fit, and its all fret for not. but unfortunately since they have no loyalty to jax I imagine they'll go get a better incentive package from another metro and either move, or put a gun to our heads to match the highest offer. 

I do seem to recall that everbank signed leases on both those locations somewhat recently, but how does that work MJ RE professionals?Generally speaking- if acquirer wants to, how difficult to is it to get out of a lease under these circumstances?  is there a m&a escape clause ever?

Well, Everbank owns the building on Riverside and has a relatively long term lease in DT. That may help keep TIAA around and using this as the base for this type of banking. Who knows though. 

[Houseboat Mike]

They don't own the building on riverside, RAP does.