EverBank cancels acquisition of NetBank assets
EverBank Financial Corp announced today that it has terminated its agreement to acquire NetBank's consumer deposit accounts, business finance division and other assets under the transaction announced on May 21, 2007.
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This decision comes after it became clear that NetBank would not be able to complete certain conditions required to close and receive regulatory approval.
"Through the summer EverBank has stood ready to complete the acquisition as proposed and we are disappointed that the transaction was unable to be the consummated," said EverBank Financial Corp Chairman Robert Clements," but with an earnings growth of 11% over the first half of 2007, over $4.7 billion in prime assets, a strong capital base and ample liquidity, EverBank remains in a strong position to take advantage of many other growth and acquisition opportunities that exist in this market."
The acquisition of NetBank's mortgage servicing portfolio which was announced at the same time was completed on July 1, 2007 - bringing EverBank's total mortgage servicing portfolio to over $40 billion.
Earlier this year, EverBank completed several acquisitions to bolster its commercial lending capabilities in the small-balance commercial real estate lending marketplace and to expand its presence in the reverse mortgage arena.