PE owners explore EverBank exit three years after acquisition
A consortium of five private equity firms is exploring a sale of EverBank, just three years after acquiring the Florida-based digital bank from TIAA, according to a report.
## PE Owners Explore EverBank Exit Three Years After Acquisition
A consortium of five private equity firms is exploring a sale of EverBank, a Florida-based digital bank, three years after acquiring it from TIAA. This consideration includes various strategic options such as a potential sale or merger, with an initial public offering (IPO) being an alternative if a buyer is not secured.
The consortium that acquired EverBank included Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, and Bayview Asset Management. EverBank was acquired in 2023, and the terms of that transaction were not disclosed. EverBank, which operates predominantly through digital channels but maintains several dozen branches, primarily in Florida and California, had approximately $47 billion in assets and $38 billion in deposits.
Initially, the ownership group identified opportunities for expansion through further bank acquisitions, consistent with typical private equity "buy-and-build" strategies. This approach led to at least one significant transaction: In 2024, EverBank agreed to acquire Sterling Bank & Trust for $261 million, adding 25 branches in California and another in Queens, New York.
However, differences over the bank’s strategic direction have reportedly created tensions among the five sponsors and within EverBank’s boardroom. The emergence of a potential sale has added further complexity, with investment banks and advisers now involved in the process.
EverBank has pursued rapid balance-sheet growth, including greater investment in its mobile banking offering and an expansion of high-yield savings products designed to attract retail customers. The bank has also significantly increased lending to non-bank financial institutions, such as private credit firms, real estate investors, and insurance companies. The bank stated it had improved profitability, expanded its retail franchise, and grown its commercial banking business. EverBank 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.