EverBank eyes mortgage expansion with IPO
EverBank Financial filed for an initial public offering with the Securities and Exchange Commission, looking to sell approximately 25 million shares for $12 and $14 each.
In the filing, EverBank said it plans to expand its mortgage financing operations, especially in commercial lending.
"We have recently expanded our retail and correspondent distribution channels and emphasized jumbo prime mortgages, which we retain on our balance sheet, to our mass-affluent customer base," said EverBank in the filing.
EverBank cites the recent purchase of the warehouse finance business of MetLife Bank (MET) as proof of its commitment to commercial real estate lending.
"We have not been originating a significant volume of new commercial loans in recent periods, but plan to expand origination of these assets and pursue acquisitions as market conditions become more favorable," the filing states.
A spokesman for MetLife clarified the warehouse finance business of Met Life Bank is not to be confused with separate, similar entities at MetLife Investments and MetLife Home Loans.
The Jacksonville, Florida-based EverBank will trade on the New York Stock Exchange under the symbol EVER. A chart of EverBank growth through the years is listed below.
EverBank also plans to expand products and services in its wealth management division to further tap the earnings potential of its affluent customer base.