EverBank, a Florida-based digital lender with $47 billion in assets and $38 billion in deposits, has initiated a formal sales process roughly three years after its acquisition by a group of private-equity firms, according to a report in the Wall Street Journal.
The bank, which ranks as the 57th-largest U.S. bank holding company, operates dozens of branches primarily in Florida and California and maintains branding partnerships including sponsorship of the Jacksonville Jaguars stadium and a deal with quarterback Trevor Lawrence. In a statement, EverBank said it has long considered multiple strategic paths, including acquisitions, a potential sale or merger, or an initial public offering, while expressing confidence in its growth prospects.
The bank was purchased in 2023 from TIAA by a consortium led by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, and Bayview Asset Management. The transaction price was not disclosed. The sale process has been underway for several months, sources familiar with the matter told the Journal.
Federal regulations limit private-equity ownership stakes in banks unless investors become bank holding companies, which typically requires minority positions. The FDIC earlier this year eased rules to facilitate private-equity participation in failed-bank acquisitions, a move that could influence the current process.
EverBank has not specified a timeline for the sale effort and has not ruled out pursuing an IPO if no suitable buyer emerges.
