EverBank Financial Corp, a Delaware corporation, is a unitary savings and loan
holding company headquartered in Jacksonville, Florida. We are a diversified
financial services company that provides a wide range of financial products
and services to individuals as well as small and mid-size business clients nationwide
through scalable, low-cost distribution channels that are connected by technology-driven,
centralized platforms which provide operating leverage throughout our business.
We market and distribute our banking products and services primarily through
our integrated online and mobile financial portal, high-volume financial centers
in targeted Florida markets and other national business relationships. Our consumer
and commercial lending businesses are nationwide and target clients through
retail and commercial lending offices in major metropolitan markets throughout
the country.
We evaluate our overall financial performance through three financial reporting
segments: Consumer Banking, Commercial Banking and Corporate Services. Consumer
Banking includes consumer deposit services and activities, wealth management,
residential lending and servicing, and capital markets. Commercial Banking includes
commercial deposit services and activities, commercial and commercial real estate
lending, commercial finance and mortgage warehouse finance. Corporate Services
provides support services to the Consumer and Commercial Banking segments.
We are a unitary savings and loan holding company within the meaning of the
Home Owners’ Loan Act (HOLA). As such, we are registered as a savings
and loan holding company and are subject to those regulations applicable to
a savings and loan holding company. As such, we are subject to FRB examinations,
supervision and reporting requirements, and to the FRB’s enforcement authority.
Among other things, this authority permits the FRB to restrict or prohibit activities
that are determined to be a serious risk to the financial safety, soundness
or stability of a subsidiary savings association, such as EverBank. The Company
is also subject to the rules and regulations of the Securities and Exchange
Commission (SEC) under the federal securities laws.
Currently, without the prior approval of the FRB under the HOLA, HOLA prohibits
a savings and loan holding company, directly or indirectly, or through one or
more subsidiaries, from, for example:
acquiring another savings institution or its holding company without prior written
approval of the FRB;
acquiring or retaining, with certain exceptions, more than 5% of a non-subsidiary
savings institution, a non-subsidiary holding company, or a non-subsidiary company
engaged in activities other than those permitted by HOLA; or
acquiring or retaining control of a depository institution that is not insured
by the FDIC.
In evaluating an application by a holding company to acquire a savings institution,
the FRB must consider, among other factors, the financial and managerial resources
and future prospects of the company and savings institution involved, the effect
of the acquisition on the acquiror, the risk to the DIF, the convenience and
needs of the community and competitive factors.
A savings and loan holding company is required to serve as a source of financial
and managerial strength to its subsidiary savings associations. This requires
the Company to commit to provide necessary capital, liquidity, and other support
to EverBank during times of financial distress.
As a unitary savings and loan holding company, we generally are not restricted
under existing laws as to the types of business activities in which we may engage,
provided that EverBank continues to satisfy the Qualified Thrift Lender (QTL)
test.
If we were to acquire a savings institution that will be held as a separate
subsidiary, then we may become a multiple savings and loan holding company within
the meaning of HOLA and would be subject to limitations on the types of business
activities in which we can engage. HOLA limits the activities of a multiple
savings institution holding company and its non-insured institution subsidiaries
primarily to activities permissible for bank holding companies under Section
4(c) of the Bank Holding Company Act of 1956, as amended (BHC Act), subject
to the prior approval of the FRB, and to other activities authorized by regulation.
A multiple savings and loan holding company that meets applicable capital, supervisory
and other standards under applicable FRB regulations may elect to be treated
as a financial holding company and engage in the broader range of financial
activities permissible for a financial holding company under the BHC Act. We
do not currently rely on our unitary savings and loan holding company status
to engage in business activities that would not be permissible for a multiple
savings and loan holding company.
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