EverBank
Encyclopedia
EverBank is an American diversified financial services
company providing bank
ing, mortgages, and investing
services. It is based in Jacksonville, Florida
, U.S. It operates through standard banking offices, and through its Direct Banking
division. EverBank Direct operates by telephone
, mail
, and over the Internet
. As of May 30, 2010, EverBank had approximately $11.5 billion in total assets.
In parallel, Frank Trotter, Rob Foregger, Vincent Amato, and David Galland led another investor group to found EverBank as a national direct-to-consumer bank. EverBank opened in January 2000 and quickly garnered recognition as an innovator in the direct-to-consumer marketplace.
The World Markets division of EverBank originated as a department of Mark Twain Bank, a small St. Louis
, Missouri
bank, that founded the WorldCurrency(sm) service in 1986. In April 1997 Mark Twain Bank was acquired by Mercantile Bank. EverBank acquired the world currency division from Mercantile Bank in April 1999. EverBank World Markets is still located in Brentwood, Missouri
, a St. Louis suburb and provides certificate of deposit
(CD) accounts in euro
s and other non–U.S. dollar
currencies.
EverBank also has a brokerage
affiliate called EverTrade Direct Brokerage, also located in Brentwood, that provides conventional stock
, bond
, and exchange-traded fund
(ETF) broker services for buying and selling publicly traded securities
.
On November 5, 2002, First Alliance Bank acquired EverBank and on February 2, 2004, the company took the name EverBank and EverHome for its consumer facing operations. Today, EverBank is the largest bank headquartered in Jacksonville, Florida and according to Florida Trend magazine, one of the nation’s largest online banks.
On April 23, 2007, EverBank announced the appointment of David Conover, to the position of Senior Vice President and Head of the EverBank Advisor Services Group (ASG).
On May 21, 2007, EverBank announced that it had reached an agreement that would have increased its asset base to approximately $7 billion, its deposit base to approximately $6 billion, and its customer base to over 550,000 through the acquisition of NetBank
's direct banking and small business
financing divisions and mortgage servicing portfolio
. On 17 September 2007, Everbank announced that it was terminating this agreement, as NetBank had been unable to comply with provisions regarding certain cash levels, which NetBank had been unable to reach because in the 2007 subprime mortgage financial crisis it had been unable to sell investments for the necessary cash.
EverBank offers products for a wide range of consumers. The product set includes high-interest checking, money market accounts and CDs in addition to a suite of FDIC-Insured deposits denominated in foreign currency. EverBank participates in the Certificate of Deposit Account Registry Service
(CDARS). The institution neither owns nor operates any ATMs, so they will refund ATM fees paid by checking account holders who send in the receipt, up to $6 per month. Everbank will be the first non-military/non-community bank offering deposits by check scanning for consumers.
On May 28, 2010, EverBank announced that it has acquired all the deposits, substantially all of the assets, and certain liabilities of the Bank of Florida - Southwest, Bank of Florida - Southeast, and Bank of Florida - Tampa Bay (collectively "Bank of Florida") from the Federal Deposit Insurance Corporation (the "FDIC"), bringing its total assets to approximately $11.5 billion.
EverBank answers its phones with the tagline, "It's a great day at Everbank".
program (HabiJax
), contributing between $1 million and $1.93 million, and 28,000 employee volunteer hours.
Daniel Memorial Inc. is Florida's oldest nonprofit
child-service agency
, helping thousands of at-risk youths annually. EverBank sponsors several events, including the yearly Volunteer Appreciation Luncheon and Annual Charity Golf Tournament. Daniel's School Supply Drive is held at EverBank locations throughout Jacksonville and EverBank employees and customers make generous contributions.
Everbank also supports several housing initiatives: Operation New Hope is committed to restoring Springfield, one of Jacksonville's most historic neighborhoods; the Housing Partnership of Northeast Florida assists hundreds of low
and middle income
families with home repair
, homeownership education, credit counseling
and refinancing
mortgages for victims of predatory lending
; by helping provide safe and affordable rental housing to people with disabilities
, Grove House has successfully helped hundreds of well-deserving individuals and families.
EverBank also supports the following Organizations:
stadium. The stadium, previously known as Jacksonville Municipal Stadium, had not had a sponsor since the end of the 2006 season when the prior contract with Alltel
expired. The stadium will be known as EverBank Field starting with the 2010 NFL season.
The exclusive five-year agreement includes EverBank's designation as the official bank of the Jaguars, promotions within Jaguars' game telecasts and a variety of other media rights to the Jaguars and EverBank Field marks, prominent signage in the stadium and elsewhere in Jacksonville, business presence at Jaguars' home games – including EverBank ATMs at the venue for use by fans – and various community outreach initiatives.
Located at One EverBank Field Drive on the shores of the St. Johns River in Jacksonville, EverBank Field is the 67,246-seat home stadium of the National Football League's Jacksonville Jaguars. In 2005, the stadium served as the host site of Super Bowl XXXIX.
Forbes
and Online Banking Report's "Best of the Web"
Kiplinger's Personal Finance magazine's "Best Checking Account"
Financial services
Financial services refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are credit unions, banks, credit card companies, insurance companies, consumer finance companies,...
company providing bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
ing, mortgages, and investing
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
services. It is based in Jacksonville, Florida
Jacksonville, Florida
Jacksonville is the largest city in the U.S. state of Florida in terms of both population and land area, and the largest city by area in the contiguous United States. It is the county seat of Duval County, with which the city government consolidated in 1968...
, U.S. It operates through standard banking offices, and through its Direct Banking
Virtual bank
A direct bank is a bank without any branch network. It offers its financial services by:* Telephone banking* Online banking* Automated teller machines * Mail banking* Mobile banking...
division. EverBank Direct operates by telephone
Telephone banking
Telephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone.Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability...
Mail banking
Mail banking is a service provided by a financial institution which allows its customers to deposit cheques into their account by mail. It is primarily used by virtual banks and by customers who live too far from a branch...
, and over the Internet
Online banking
Online banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
. As of May 30, 2010, EverBank had approximately $11.5 billion in total assets.
History
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. Under the leadership of Rob Clements and Gary Meeks, Alliance Mortgage Company became a significant mortgage originator and servicer. In 1998, Alliance Mortgage Company formed First Alliance Bank in Jacksonville, Florida, and shortly thereafter acquired Marine National Bank, also of Jacksonville, Florida.In parallel, Frank Trotter, Rob Foregger, Vincent Amato, and David Galland led another investor group to found EverBank as a national direct-to-consumer bank. EverBank opened in January 2000 and quickly garnered recognition as an innovator in the direct-to-consumer marketplace.
The World Markets division of EverBank originated as a department of Mark Twain Bank, a small St. Louis
St. Louis, Missouri
St. Louis is an independent city on the eastern border of Missouri, United States. With a population of 319,294, it was the 58th-largest U.S. city at the 2010 U.S. Census. The Greater St...
, Missouri
Missouri
Missouri is a US state located in the Midwestern United States, bordered by Iowa, Illinois, Kentucky, Tennessee, Arkansas, Oklahoma, Kansas and Nebraska. With a 2010 population of 5,988,927, Missouri is the 18th most populous state in the nation and the fifth most populous in the Midwest. It...
bank, that founded the WorldCurrency(sm) service in 1986. In April 1997 Mark Twain Bank was acquired by Mercantile Bank. EverBank acquired the world currency division from Mercantile Bank in April 1999. EverBank World Markets is still located in Brentwood, Missouri
Brentwood, Missouri
Brentwood is an inner-ring suburb of St. Louis, located in St. Louis County, Missouri. The population was 8,055 at the 2010 census. Brentwood is home to Brentwood High School, a 2006 National Blue Ribbon Award winner, and Mark Twain Elementary School, a 2009 National Blue Ribbon Award...
, a St. Louis suburb and provides certificate of deposit
Certificate of deposit
A certificate of Deposit is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, and credit unions....
(CD) accounts in euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
s and other non–U.S. dollar
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
currencies.
EverBank also has a brokerage
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
affiliate called EverTrade Direct Brokerage, also located in Brentwood, that provides conventional stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
, bond
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
, and exchange-traded fund
Exchange-traded fund
An exchange-traded fund is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day. Most ETFs track an index, such as the S&P 500 or MSCI EAFE...
(ETF) broker services for buying and selling publicly traded securities
Security (finance)
A security is generally a fungible, negotiable financial instrument representing financial value. Securities are broadly categorized into:* debt securities ,* equity securities, e.g., common stocks; and,...
.
On November 5, 2002, First Alliance Bank acquired EverBank and on February 2, 2004, the company took the name EverBank and EverHome for its consumer facing operations. Today, EverBank is the largest bank headquartered in Jacksonville, Florida and according to Florida Trend magazine, one of the nation’s largest online banks.
On April 23, 2007, EverBank announced the appointment of David Conover, to the position of Senior Vice President and Head of the EverBank Advisor Services Group (ASG).
On May 21, 2007, EverBank announced that it had reached an agreement that would have increased its asset base to approximately $7 billion, its deposit base to approximately $6 billion, and its customer base to over 550,000 through the acquisition of NetBank
NetBank
NetBank, formerly named Atlanta Internet Bank and Net.B@nk , was a financial company engaged primarily in retail banking, mortgage banking, business finance and providing ATM and merchant processing services. NetBank was founded in February 1996 and completed its initial public offering of stock...
's direct banking and small business
Small business
A small business is a business that is privately owned and operated, with a small number of employees and relatively low volume of sales. Small businesses are normally privately owned corporations, partnerships, or sole proprietorships...
financing divisions and mortgage servicing portfolio
Portfolio (finance)
Portfolio is a financial term denoting a collection of investments held by an investment company, hedge fund, financial institution or individual.-Definition:The term portfolio refers to any collection of financial assets such as stocks, bonds and cash...
. On 17 September 2007, Everbank announced that it was terminating this agreement, as NetBank had been unable to comply with provisions regarding certain cash levels, which NetBank had been unable to reach because in the 2007 subprime mortgage financial crisis it had been unable to sell investments for the necessary cash.
EverBank offers products for a wide range of consumers. The product set includes high-interest checking, money market accounts and CDs in addition to a suite of FDIC-Insured deposits denominated in foreign currency. EverBank participates in the Certificate of Deposit Account Registry Service
Certificate of Deposit Account Registry Service
The Certificate of Deposit Account Registry Service , is a private, patented, for-profit service that breaks up large deposits and places them across a network of more than 3000 banks and savings associations around the United States...
(CDARS). The institution neither owns nor operates any ATMs, so they will refund ATM fees paid by checking account holders who send in the receipt, up to $6 per month. Everbank will be the first non-military/non-community bank offering deposits by check scanning for consumers.
On May 28, 2010, EverBank announced that it has acquired all the deposits, substantially all of the assets, and certain liabilities of the Bank of Florida - Southwest, Bank of Florida - Southeast, and Bank of Florida - Tampa Bay (collectively "Bank of Florida") from the Federal Deposit Insurance Corporation (the "FDIC"), bringing its total assets to approximately $11.5 billion.
EverBank answers its phones with the tagline, "It's a great day at Everbank".
Lawsuit
On April 24, 2009, a class action lawsuit was filed against EverBank in the Superior Court of California on behalf of purchasers of the bank's Icelandic Krona foreign currency denominated "CDs". The lawsuit alleges that EverBank, against the instructions of its customers, closed the "CDs" at a commercially unreasonable exchange rate far below those published by financial institutions and currency exchanges, resulting in a loss of much of the "CD" purchasers' principal. On July 8, 2009, EverBank's Executive Vice President, Frank Trotter filed a declaration to the court in response to the lawsuit. In the declaration, Trotter admitted that a total of 225 investors lost $4,007,662.81 as a result of Everbank's forced closing of their Icelandic Krona denominated "CDs". That averages out to a loss of about $18,000 per account. Trotter went on to disclose that when investments in all of EverBank's WorldCurrency CDs (including those denominated in foreign currencies other than the Icelandic Krona) are taken into account, investors suffered a net loss amounting to almost $50,000,000 over the past four years.Community involvement
EverBank/EverHome Mortgage has sponsored between 25 and 52 homes in the Jacksonville's Habitat for HumanityHabitat for Humanity International
Habitat For Humanity International , generally referred to as Habitat for Humanity or simply Habitat, is an international, non-governmental, non-profit organization devoted to building "simple, decent, and affordable" housing, a self-described "Christian housing ministry." The international...
program (HabiJax
HabiJax
HabiJax of Jacksonville, Florida is the largest of the 1,600+ affiliates of Habitat for Humanity International in the United States. Habijax was named the 8th largest homebuilder in the United States by Builder Magazine for 2009....
), contributing between $1 million and $1.93 million, and 28,000 employee volunteer hours.
Daniel Memorial Inc. is Florida's oldest nonprofit
Non-profit organization
Nonprofit organization is neither a legal nor technical definition but generally refers to an organization that uses surplus revenues to achieve its goals, rather than distributing them as profit or dividends...
child-service agency
Child and family services
Child and family services is a government and/or non-profit organisation designed to better the well being of individuals who come from unfortunate situations, environmental or biological. People who seek or are sought after to participate in these services, usually do not have stable homes and no...
, helping thousands of at-risk youths annually. EverBank sponsors several events, including the yearly Volunteer Appreciation Luncheon and Annual Charity Golf Tournament. Daniel's School Supply Drive is held at EverBank locations throughout Jacksonville and EverBank employees and customers make generous contributions.
Everbank also supports several housing initiatives: Operation New Hope is committed to restoring Springfield, one of Jacksonville's most historic neighborhoods; the Housing Partnership of Northeast Florida assists hundreds of low
Poverty
Poverty is the lack of a certain amount of material possessions or money. Absolute poverty or destitution is inability to afford basic human needs, which commonly includes clean and fresh water, nutrition, health care, education, clothing and shelter. About 1.7 billion people are estimated to live...
and middle income
Middle class
The middle class is any class of people in the middle of a societal hierarchy. In Weberian socio-economic terms, the middle class is the broad group of people in contemporary society who fall socio-economically between the working class and upper class....
families with home repair
Home repair
Home repair involves the diagnosis and resolution of problems in a home, and is related to home maintenance to avoid such problems. Many types of repairs are "do it yourself" projects, while others may be so complicated, time-consuming or risky as to suggest the assistance of a qualified handyman,...
, homeownership education, credit counseling
Credit counseling
Credit counseling is a process that involves offering education to consumers about how to avoid incurring debts that cannot be repaid through establishing an effective Debt Management Plan and Budget...
and refinancing
Refinancing
Refinancing may refer to the replacement of an existing debt obligation with a debt obligation under different terms. The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as, inherent risk, projected risk, political...
mortgages for victims of predatory lending
Predatory lending
Predatory lending describes unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly...
; by helping provide safe and affordable rental housing to people with disabilities
Disability
A disability may be physical, cognitive, mental, sensory, emotional, developmental or some combination of these.Many people would rather be referred to as a person with a disability instead of handicapped...
, Grove House has successfully helped hundreds of well-deserving individuals and families.
EverBank also supports the following Organizations:
- The Bridge of Northeast Florida
- UNF
- Habitat for HumanityHabitat for Humanity InternationalHabitat For Humanity International , generally referred to as Habitat for Humanity or simply Habitat, is an international, non-governmental, non-profit organization devoted to building "simple, decent, and affordable" housing, a self-described "Christian housing ministry." The international...
program (HabiJaxHabiJaxHabiJax of Jacksonville, Florida is the largest of the 1,600+ affiliates of Habitat for Humanity International in the United States. Habijax was named the 8th largest homebuilder in the United States by Builder Magazine for 2009....
) - United Way of America
- Step Up for Students
Jacksonville Jaguars
On July 26, 2010, the Florida Times-Union reported that Everbank purchased the naming rights to the Jacksonville JaguarsJacksonville Jaguars
The Jacksonville Jaguars are a professional American football team based in Jacksonville, Florida, U.S. They are currently members of the South Division of the American Football Conference in the National Football League...
stadium. The stadium, previously known as Jacksonville Municipal Stadium, had not had a sponsor since the end of the 2006 season when the prior contract with Alltel
Alltel
Alltel Corporation is a wireless service provider, primarily based in the United States. Before an acquisition by Verizon Wireless, it served 34 states. After the merger, Alltel continues to serve six states, mostly in rural areas...
expired. The stadium will be known as EverBank Field starting with the 2010 NFL season.
The exclusive five-year agreement includes EverBank's designation as the official bank of the Jaguars, promotions within Jaguars' game telecasts and a variety of other media rights to the Jaguars and EverBank Field marks, prominent signage in the stadium and elsewhere in Jacksonville, business presence at Jaguars' home games – including EverBank ATMs at the venue for use by fans – and various community outreach initiatives.
Located at One EverBank Field Drive on the shores of the St. Johns River in Jacksonville, EverBank Field is the 67,246-seat home stadium of the National Football League's Jacksonville Jaguars. In 2005, the stadium served as the host site of Super Bowl XXXIX.
Awards
EverBank has a 4-star rating from BauerFinancial. Banks rated 4 stars or more are considered " safe, financially sound and operating well above their regulatory capital requirements.Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
and Online Banking Report's "Best of the Web"
Kiplinger's Personal Finance magazine's "Best Checking Account"