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EverBank Acquires Bank of Florida

EverBank Financial has acquired all the deposits, substantially all of the assets, and certain liabilities of the Bank of Florida - Southwest, Bank of Florida - Southeast and Bank of Florida - Tampa Bay (collectively Bank of Florida) from the Federal Deposit Insurance Corporation (the FDIC), bringing its total assets to approximately $11.5bn.

Under the terms of the agreement with the FDIC, EverBank assumed deposits of approximately $1.2bn and assets of approximately $1.5bn, including loans of $1.2bn. All loans acquired in the transaction are subject to loss sharing agreements with the FDIC.

Rob Clements, chairman and CEO of EverBank Financial, said: “We look forward to welcoming our new customers on Tuesday morning when the former Bank of Florida locations open as branches of EverBank.

“We anticipate customers will be pleased to find that 100% of their deposits will remain safe and secure. In addition, they will benefit from having broader product choices and more ways to access their accounts, which are now being held by a bank that is one of the strongest and most stable banks in the nation today.”

Blake Wilson, president and CFO of EverBank, said: “Bank of Florida’s commitment to exceptional customer service aligns well with our culture and value proposition. We are very pleased to welcome Bank of Florida employees into the EverBank family.”