PE Owners Explore EverBank Sale Three Years After Acquisition
A consortium of five private equity firms is exploring a sale of EverBank three years after acquiring the Florida-based digital bank from TIAA. The process has reportedly been underway for several months, according to a report by the Wall Street Journal cited in Private Equity Wire.
Strategic Options Under Review
The lender is considering several strategic options, including a potential sale or merger. An initial public offering could provide an alternative if a buyer cannot be secured. Investment banks and advisers are now involved in the process.
Acquisition Details and Bank Profile
Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management acquired EverBank in 2023. Terms of that transaction were not disclosed. EverBank operates predominantly through digital channels but maintains several dozen branches, primarily in Florida and California. It had approximately $47bn of assets at the end of June, making it the 57th-largest US bank holding company, with deposits at roughly $38bn, according to Private Equity Wire.
Growth Strategy and Recent Transaction
The ownership consortium initially saw opportunities to expand through further bank acquisitions. In 2024, EverBank agreed to acquire Sterling Bank & Trust for $261m, adding 25 branches in California and another in Queens, New York. Under the current strategy, EverBank has pursued rapid balance-sheet growth, including greater investment in its mobile banking offering and an expansion of high-yield savings products. The bank has also significantly increased lending to non-bank financial institutions.
Ownership Tensions and Future Outlook
Differences over the bank’s strategic direction have reportedly created tensions among the five sponsors and within EverBank’s boardroom. EverBank said it had improved profitability, expanded its retail franchise and grown its commercial banking business. The bank said it has consistently evaluated a range of options for its future, including acquisitions, a sale or merger and a potential IPO, while remaining confident in its long-term growth prospects. According to Private Equity Wire, an exit after three years would come as US banks attract renewed interest from financial sponsors and strategic buyers following regulatory changes.
