-
Seth Waller, most recently a consumer credit officer at U.S. Bancorp, has joined EverBank in Jacksonville, Fla., as its first chief credit officer.
October 4 -
The $15 billion-asset company said Monday it has completed its purchase of the business property lending unit of General Electric's (GE) GE Capital for $2.4 billion in cash.
October 2
Buyout funds are selling off more of their banking interests, but the private-equity backers of EverBank Financial (EVER) are not itching to exit, its CEO says.
"There is a strong view that this company is in the very early stages of our growth and development," says Robert Clements, the chief executive of the Jacksonville, Fla., company. "They share the view that our growth prospects are very attractive. … They have a long-term focus."
Two banking companies owned by private equity have agreed to be sold, and two others have gone public, since mid-September. These moves have fueled speculation that other banks that private equity bought into during the downturn have investors angling for liquidity.
EverBank's investors include Sageview Capital, which holds an 11% of its outstanding shares, and New Mountain Capital and TPG Capital, which each hold 6.87%, according to Bloomberg data. More than 30% of the outstanding shares of the $15 billion-asset EverBank belongs to hedge funds and private-equity firms, according to Bloomberg. Sageview's investment dates to 2008, when EverBank raised $123 million in a private placement. Private equity prefers to sell within three to five years.
Everbank's growth prospects mean its investors can justify staying put, Clements says. Its shares have risen about 37%, to $13.68 as of mid-day Thursday,
EverBank had returns on assets of 0.32% in the second quarter.
The company was founded as a savings and loan in 1994 and in recent years has been seeking to diversify into wealth management, business banking and other markets through acquisitions and other means. It
EverBank may consider other acquisitions but its primary focus is integrating its latest one, Clements says.
WL Ross & Co. this week agreed to
West Coast Bancorp (WBCO), which raised money from three private equity outfits in 2009,