EverBank

While the roots of EverBank stretch back to 1961, the current incarnation was formed in 1994 when Chairman Robert Clements led an investor group in acquiring Jacksonville, Florida–based Alliance Mortgage Company.{{Cite news | url=https://www.bizjournals.com/jacksonville/news/2016/08/11/whats-next-for-everbank-inside-the-2-5-billion.html | last=Gilliam | first=Derek | title=What's next for EverBank — Inside the $2.5 billion sale | work=American City Business Journals | date=August 11, 2016 | url-access=subscription}}

In 1998, Alliance Mortgage Company formed First Alliance Bank in Jacksonville, Florida.

In 1999, Frank Trotter and partners led an investor group to found EverBank.{{Cite news | url=https://www.bizjournals.com/stlouis/news/2016/08/08/tiaa-buys-everbank-both-have-st-louis-ties.html | last=Edwards |first=Greg | title=TIAA buys EverBank — both have St. Louis ties | work=American City Business Journals | date=August 8, 2016 | url-access=subscription}} In April 1999, EverBank acquired the world currency division of Mercantile Bancorporation.{{Cite news | url=https://www.bizjournals.com/kansascity/news/2014/03/26/everbank-kc-market-expansion.html | title=Florida bank establishes foothold in KC area | last=Dornbrook | first=James | work=American City Business Journals | date=26 March 2014 | url-access=subscription}}

In 2001, First Alliance Bank acquired Marine National Bank, also of Jacksonville, Florida.{{Cite web | url=https://www.metrojacksonville.com/article/2011-nov-downtown-buildings-altered-beyond-recognition | title=Downtown Buildings Altered Beyond Recognition | work=Metro Jacksonville | date=November 28, 2011}}

On November 5, 2002, First Alliance Bank acquired EverBank.{{Cite news | url=https://www.bizjournals.com/stlouis/stories/2002/11/04/daily34.html | title=Everbank acquired by Florida bank | work=American City Business Journals | date=November 6, 2002 | url-access=subscription}}

On February 2, 2004, the company took the name EverBank.{{Cite news |url=https://www.bizjournals.com/stlouis/stories/2004/02/02/daily25.html | title=Alliance Capital Partners takes EverBank name | work=American City Business Journals | date=February 3, 2004 | url-access=subscription}}

In May 2007, EverBank agreed to acquire NetBank's direct banking and small business financing divisions and mortgage servicing portfolio; however, in September 2007, Everbank terminated the agreement, claiming that NetBank had been unable to comply with provisions regarding certain cash levels due to the 2007 subprime mortgage financial crisis.{{Cite news |url=https://www.reuters.com/article/everbank-netbank-idUSN1731493920070917/ | title=EverBank cancels purchase of NetBank assets | first=Jonathan | last=Stempel | work=Reuters | date=September 17, 2007}} Instead, EverBank acquired $700 million of NetBank's assets.{{Cite news | url=https://www.reuters.com/article/idUSWEN1372/ | title=EverBank acquires $700 mln of NetBank's assets | first=John | last=Poirier | work=Reuters | date=September 28, 2007}}

In May 2008, MetLife acquired the bank's reverse mortgage division.{{Cite press release | url=https://metlife-prod.adobecqms.net/about-us/newsroom/2008/may/metlife-bank-completes-acquisition-of-everbank-reverse-mortgage/ | title=METLIFE BANK COMPLETES ACQUISITION OF EVERBANK REVERSE MORTGAGE LLC | publisher=MetLife | date=May 30, 2008}}

In 2009, during the 2008–2011 Icelandic financial crisis, a class action lawsuit was filed against EverBank in the Superior Court of California on behalf of purchasers of certificates of deposit denominated in Icelandic Krona from the bank. The lawsuit alleged that EverBank, against the instructions of its customers, closed the accounts at an unreasonable exchange rate, resulting in a loss of much of the purchasers' principal. Judge Richard Seeborg in San Jose granted EverBank summary judgment on all of the lawsuit's claims, finding that EverBank did not act in bad faith and had the discretion to close the accounts due to exposure of approximately $12 million in losses had the currency not recovered. A federal appeals court remanded the case to district court in 2014 to determine if the bank breached the terms and conditions when it returned the value of the accounts to the class members. The case was settled in 2016.{{Cite news | url=https://www.washingtonexaminer.com/ninth-circuit-rules-for-everbank-didn-8217-t-act-in-bad-faith | last=Asbury | first=Kyla | title=Ninth Circuit rules for EverBank didn’t act in bad faith | work=Washington Examiner | date=November 14, 2014}}{{Cite news | url=https://www.courthousenews.com/claim-over-icelandic-conversion-rate-revived/ | title=Claim Over Icelandic Conversion Rate Revived | work=Courthouse News Service | date=31 October 2014 | archive-url=https://web.archive.org/web/20141130000804/http://www.courthousenews.com/2014/10/31/claim-over-icelandic-conversion-rate-revived.htm | archive-date=30 November 2014 |url-status=live}}{{Cite web | url=https://casetext.com/case/vathana-v-everbank-4 | title=Vathana v. Everbank | date=July 20, 2016}}

In February 2010, EverBank acquired Tygris Commercial Finance Group, Inc., a provider of financing for business equipment.{{Cite press release | url=https://www.newmountaincapital.com/everbank-completes-acquisition-of-tygris/ | title=EverBank Completes Acquisition of Tygris | publisher=New Mountain Capital | date=February 9, 2010}}

In May 2010, EverBank acquired all the deposits, substantially all of the assets, and certain liabilities of the Bank of Florida from the Federal Deposit Insurance Corporation, bringing its total assets to approximately $11.5 billion.{{Cite news |url=https://www.bizjournals.com/southflorida/stories/2010/05/24/daily62.html |title=EverBank snags failed Bank of Florida | last=Bandell | first=Brian | work=American City Business Journals | date=28 May 2010 | url-access=subscription}}

In February 2012, the bank agreed to acquire the warehouse finance business of MetLife.{{Cite news | url=https://www.bloomberg.com/news/articles/2012-02-09/metlife-sells-insurer-s-warehouse-finance-business-to-everbank | title=MetLife Sells Insurer’s Warehouse Finance Business to EverBank | first=Andrew | last=Frye | work=Bloomberg News | date=February 9, 2012 | url-access=subscription}}{{Cite news | url=https://www.reuters.com/article/everbank-metlife/update-1-everbank-to-buy-metlife-bank-unit-idUSL4E8D954620120209/ | title=EverBank to buy MetLife Bank unit | work=Reuters | date=February 9, 2012}}

In October 2012, EverBank acquired Business Property Lending from GE Capital for $2.4 billion.{{Cite press release | url=https://www.businesswire.com/news/home/20120702005405/en/EverBank-Financial-Corp-to-acquire-Business-Property-Lending-Inc.-from-GE-Capital-Real-Estate | title=EverBank Financial Corp to acquire Business Property Lending, Inc. from GE Capital Real Estate | publisher=Business Wire | date=July 2, 2012}}{{Cite news | url=https://www.americanbanker.com/news/everbank-finalizes-24b-purchase-of-ge-business-lending-unit | title=EverBank Finalizes $2.4B Purchase of GE Business-Lending Unit | first=Brian | last=Browdie | work=American Banker | date=October 2, 2012 | url-access=subscription}}{{Cite news | url=https://www.bizjournals.com/jacksonville/news/2012/07/02/everbank-acquires-ge-capital-re.html | title=EverBank buys $2.5 billion GE real estate unit | first=Christian | last=Conte | work=American City Business Journals | date=July 2, 2012 | url-access=subscription}}

On June 9, 2017, TIAA acquired the bank; it was later renamed TIAA Bank.{{Cite news | url=https://www.bizjournals.com/jacksonville/news/2017/06/09/its-official-tiaa-completes-acquisition-of.html | title=It's official: TIAA completes acquisition of EverBank | last=Robinson | first=Will | work=American City Business Journals | date=June 9, 2017 | url-access=subscription}}{{Cite news |url=https://www.bizjournals.com/jacksonville/news/2018/06/05/as-tiaa-bank-becomes-official-merger-favorable-to.html | title=As TIAA Bank becomes official, merger 'favorable' to Jacksonville job market | last=Gibbons | first=Timothy | work=American City Business Journals | date=June 5, 2018 | url-access=subscription}}{{cite news | url=https://www.bizjournals.com/jacksonville/blog/morning-edition/2016/08/tiaa-announces-acquisition-of-everbank.html | title=TIAA announces acquisition of EverBank | last=Cannon | first=James | work=American City Business Journals | date=August 8, 2016 | url-access=subscription}}{{cite news | url=https://www.wsj.com/articles/tiaa-confirms-deal-to-buy-everbank-for-2-5-billion-1470657414 | title=TIAA to Buy EverBank for $2.5 Billion | first1=Rachel Louise | last1=Ensign | first2=Telis | last2=Demos | work=The Wall Street Journal |date=August 8, 2016 | url-access=subscription}}

In August 2023, the bank was acquired by funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, and Bayview Asset Management; the name was returned to EverBank.{{cite press release | url=https://www.prnewswire.com/news-releases/tiaa-bank-to-become-everbank-a-brand-built-on-legacy-partnership-and-forward-looking-confidence-301861324.html | title=TIAA Bank to become EverBank, a Brand Built on Legacy, Partnership and Forward-Looking Confidence | publisher=PR Newswire | date=June 23, 2023}}{{Cite press release | url=https://www.tiaa.org/public/about-tiaa/news-press/press-releases/2023/08-01 | title=TIAA Completes Sale of TIAA Bank to Private Investors; Bank Now Doing Business as EverBank | publisher=TIAA | date=August 1, 2023}}

Also in August 2023, the bank paid $8.5 million to settle a class action lawsuit alleging failure to pay overtime wages; loan officers received an average of $17,000 each and lawyers received $2.8 million in fees.{{Cite news | url=https://news.bloomberglaw.com/litigation/tiaa-bank-workers-win-final-nod-for-8-5-million-wage-suit-deal | title=TIAA Bank Workers Win Final Nod for $8.5 Million Wage Suit Deal | first=Jennifer | last=Bennett | work=Bloomberg Law | date=August 2, 2023 | url-access=subscription}}{{Cite web | url=https://casetext.com/case/desimone-v-tiaa-bank-7 | title=DeSimone v. TIAA Bank}}

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Category:EverBank

Category: Online banks

Category:1998 establishments in Florida

Category:Banks based in Jacksonville, Florida

Category:Banks established in 1998

Category:Companies based in Jacksonville, Florida

Category:Financial services companies established in 1998

Category:Online banking

Category:TIAA

Category:Warburg Pincus companies