EverBank
| Company type | Private |
|---|---|
| Industry | Financial services, Banking, Investment |
| Founded | 1994 |
| Founder | Robert Clements (Chairman) |
| Headquarters | Jacksonville, Florida , United States |
Area served | United States |
| Owner | Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, Bayview Asset Management, TIAA |
EverBank is a diversified American financial services firm that provides both banking and investment solutions, mainly operating as a direct bank. Its headquarters are located in Jacksonville, Florida, and ownership is held by investment groups including Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, Bayview Asset Management, and TIAA. The company is listed among the list of largest banks in the United States.
Since 2010, EverBank has maintained the naming rights for EverBank Stadium, with this arrangement scheduled to conclude in 2024.
History
The origins of the present-day EverBank trace back to 1994 when Chairman Robert Clements led a group of investors to purchase Jacksonville’s Alliance Mortgage Company. By 1998, Alliance established First Alliance Bank in Jacksonville.
In 1999, Frank Trotter and his associates launched EverBank by acquiring the world currency division from Mercantile Bancorporation. First Alliance Bank expanded by acquiring Marine National Bank in 2001 and subsequently purchased EverBank in 2002. The merged institution adopted the EverBank name two years later in 2004.
EverBank intended to buy NetBank’s direct banking operations, small business lending, and mortgage servicing units in 2007; however, this transaction was canceled due to NetBank’s financial instability amid the subprime mortgage crisis. Instead, EverBank acquired $700 million worth of NetBank’s assets. In 2008, MetLife acquired EverBank’s reverse mortgage segment.
During the Icelandic financial crisis between 2008 and 2011, EverBank was involved in a class action lawsuit related to certificates of deposit denominated in Icelandic Krona; the matter was resolved through a settlement reached in 2016.
The year 2010 saw EverBank grow by purchasing Tygris Commercial Finance Group along with assets from the failed Bank of Florida, boosting its total assets to around $11.5 billion. In 2012, it further expanded by acquiring MetLife’s warehouse finance operations and Business Property Lending from GE Capital for $2.4 billion.
In June 2017, TIAA completed its acquisition of EverBank and rebranded it as TIAA Bank. Later, in August 2023, private equity firms including Stone Point Capital and Warburg Pincus took ownership of the bank and reinstated the EverBank name.
Also in August 2023, EverBank agreed to pay $8.5 million to settle a class action lawsuit concerning alleged overtime wage violations; affected loan officers received an average payment of $17,000 each while legal fees amounted to $2.8 million.