Florida’s largest bank by deposits, EverBank Financial Corp., is in “advanced negotiations” to sell itself to an undisclosed bidder as various regional lenders look for ways to cope with regulations and low interest rates.
A “well-respected financial-services company” has discussed buying EverBank for $19.50 a share along with payments to holders of preferred stock, the Jacksonville-based lender said in a statement on July 26. The bank jumped 13 percent to $17.56 per share on Monday, giving it a valuation of about $2.2 billion, after Bloomberg reported it was exploring a sale.
Acquisitions of small and midsize banks have recently been accelerating as regional lenders seek to contend with higher regulatory costs and interest rates at almost historic lows. F.N.B. Corp. agreed to buy Yadkin Financial Corp. for about $1.4 billion last week, while Canadian Imperial Bank of Commerce said last month it would acquire Chicago-based PrivateBancorp Inc. for $3.8 billion.
EverBank also announced second-quarter financial results on the 26th saying that it won’t conduct a previously scheduled conference call. Net income dropped 48 percent to $21.6 million.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
UK Probes Lindab’s Acquisition of HAS-Vent Amid Fears of Market Monopoly
Apr 28, 2024 by
CPI
Shein Faces EU Regulations Over User Data
Apr 28, 2024 by
CPI
Google Fights Back Against US Antitrust Lawsuit
Apr 28, 2024 by
CPI
US Homeland Security Establishes Blue-Ribbon Board with Tech CEOs to Advise on AI
Apr 28, 2024 by
CPI
FTC Accuses Amazon Executives of Using Disappearing Messaging Apps to Conceal Evidence
Apr 28, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI