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EverBank reaches agreement to acquire Tygris
downloadOctober 22, 2009
EverBank reaches agreement to acquire Tygris
Provides EverBank $535 Million of Growth Capital
The stock-for-stock acquisition will increase EverBank’s capital base by approximately $470 million, and is expected to have a positive impact on earnings. EverBank’s capital position will be significantly enhanced upon consummation of the acquisition, resulting in expected Tier 1 (core) capital and risk based capital ratios of approximately 11% and 19%, respectively. The acquisition agreement also includes a $65 million pre-acquisition cash investment by Tygris into EverBank designed to provide EverBank with growth capital prior to the consummation of EverBank’s acquisition of Tygris.
“The Tygris acquisition will provide EverBank with substantial growth capital to continue its successful approach of offering high-credit-quality residential loan and retail deposit products to the “mass affluent” market as well as pursue other strategic acquisition opportunities,” stated Rob Clements, Chairman and CEO of EverBank. “As a result of EverBank’s deployment last year of approximately $150 million of growth capital, the company has recognized record year-to-date earnings of $26.0 million through the second-quarter of 2009, resulting in earnings growth of 41% over the comparable period in 2008. We believe that by continuing to pursue attractive lending and deposit opportunities, while offering business leasing products, EverBank can further enhance its financial position and provide competitive lending and banking solutions to customers in the current market environment.”
“As a healthy, growing bank, EverBank was fortunate to be able to consider a variety of potential strategic acquisition opportunities before deciding to partner with Tygris,” stated Blake Wilson, President and CFO of EverBank. "We chose to partner with Tygris based on the quality of its people, leasing products and platform, and the potential future opportunities available to the combined organization. By bringing Tygris together with our credit, capital and funding infrastructure, our customers will benefit by having another stable lending source available to them.”
The acquisition, which is expected to close in late 2009, has been approved by both parties’ boards of directors and remains subject to regulatory approvals, among other customary conditions. EverBank was advised by the law firm of Skadden, Arps, Slate, Meagher & Flom LLP. Tygris was advised by the investment banking firm of Goldman Sachs & Co. and the law firm of Sullivan & Cromwell LLP.
About EverBank Financial Corp:
EverBank Financial Corp., and its EverBank subsidiaries, is a privately-held thrift holding company headquartered in
About Tygris Commercial Finance Group, Inc.:
EverBank, the EverBank Infinity Sphere and the EverBank logo are proprietary service marks of EverBank. All rights reserved.
FORWARD-LOOKING STATEMENTS ARE BASED ON ESTIMATES AND ASSUMPTIONS AND BECAUSE FORWARD-LOOKING STATEMENTS ADDRESS FUTURE RESULTS, EVENTS AND CONDITIONS, THEY, BY THEIR VERY NATURE, INVOLVE INHERENT RISKS AND UNCERTAINTIES. SUCH KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR OTHER ACHIEVEMENTS TO DIFFER MATERIALLY FROM THE ANTICIPATED RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED, PROJECTED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS AND FUTURE RESULTS COULD DIFFER MATERIALLY FROM HISTORICAL PERFORMANCE. FORWARD-LOOKING STATEMENTS SPEAK ONLY AS OF THE DATE THEY ARE MADE AND ARE STATEMENTS OF OUR CURRENT EXPECTATIONS CONCERNING FUTURE RESULTS, EVENTS AND CONDITIONS AND NEITHER EVERBANK, NOR OR ITS SUBSIDIARIES, NOR THEIR RESPECTIVE AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES OR AGENTS, UNDERTAKES ANY OBLIGATION TO PROVIDE ADDITIONAL INFORMATION OR TO CORRECT OR UPDATE ANY OF THE INFORMATION SET FORTH HEREIN.
Media Contacts
For EverBank:
CRC Public Relations
Peter Robbio
+1 703 683 5004 ext. 116
probbio@crcpublicrelations.com
For Tygris:
Finsbury Group
Phil Denning / Will Briganti
+1 212 303 7600
Tygris is a commercial finance and leasing business that provides lease financing to end-users, directly to customers and through dealers, distributors and manufacturers of essential use and revenue generating equipment used by small and medium-sized businesses. Tygris has offices in
