Lovett Miller & Co. Portfolio Company, Everbank, Acquires NetBank Businesses

September 2007

E-mail | Permalink |
Jacksonville, Fla. – (PR Newswire) –  EverBank, one of the nation’s largest privately-held financial services firms, announced today that it has successfully acquired approximately $700 million of NetBank mortgage assets.  This transaction will bring EverBank’s total assets to over $5.3 billion.

“This has been a great year of growth for us,” said Rob Clements, Chairman and CEO of EverBank. “We have seen an 11% increase in earnings for the first half of 2007, compared to the same timeframe in 2006, and a 20% increase in assets.  This acquisition will increase our assets by another 15%.”

EverBank recorded earnings of $32.6 million for the year ending December 31, 2006, up 15% from 2005 earnings of $28.2 million.  Total assets were $4.2 billion on December 31, 2006, a 14% increase from $3.7 billion the prior year. Return on equity for 2006 was 17%.
SOURCE: Everbank