EverBank Paid $350 Million for MetLife’s Warehouse Unit

EverBank Financial Corp., Jacksonville, Fla., paid $350 million for the warehouse lending business of MetLife Bank, according to an amended S-1 filing with the Securities and Exchange Commission.

Not much detail about the warehouse deal is provided, though EverBank—which is in the throes of going public—said it bought assets worth $350 million and hired 16 sales and operations staffers.

The bank said the warehouse lending business will continue to be operated out of offices in Boston, New York and Plano, Texas. “We intend to grow this line of business, which will provide residential loan financing to midsized, high-quality mortgage banking firms across the country.”

Garrett, McAuley Co. served as advisor to EverBank on the purchase of the warehouse business.

In the new SEC filing EverBank says it hopes to raise $265 million by selling just over 19 million shares to the public at $12 a unit.

EverBank, which will trade under the symbol “EVER,” estimates it will post net income of $10 million to $13 million in 1Q.

 

 

Article source: http://www.nationalmortgagenews.com/dailybriefing/everbank-metlife-warehouse-unit-1030200-1.html

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