Questions about the acquisition
- What happened?
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On May 28, 2010, Bank of Florida – Southwest, Bank of Florida – Southeast, and Bank of Florida – Tampa Bay (collectively "Bank of Florida") was closed by the Florida Office of Financial Regulation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver of the institutions. To protect the depositors, the FDIC entered into an agreement with EverBank of Jacksonville, Florida to assume all deposits, substantially all of the assets, and certain liabilities of Bank of Florida. All 13 Bank of Florida Financial Centers reopened as EverBank Financial Centers on June 1, 2010.
- Is the bank still in trouble? Should I be concerned?
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All deposit accounts have been transferred to EverBank—regardless of dollar amount. No former Bank of Florida customers lost any of their deposits as a result of this transfer—even accounts with deposits in excess of FDIC insurance limits. Customers will experience no immediate changes and can be assured their money is safe and continues to be covered by FDIC insurance up to $250,000.
- Where can I get more information about EverBank and the acquisition?
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Please visit EverBank.com to learn about EverBank, our products and financial performance. We've also set up a special website for former Bank of Florida customers at EverBank.com/BankofFlorida. There you'll find our Q&A, details about the transaction and other important links.
- Questions about EverBank
- Who is EverBank?
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Headquartered in Jacksonville, Florida with roots tracing to 1960, EverBank operates nationally and has become a recognized leader in consumer direct banking and prime lending, with over $9.0 billion in deposits, $11.2 billion in total assets and $975 million in bank core capital.
With approximately 2,200 employees, the EverBank Family of Companies serves more than 700,000 customers nationwide through high value banking, lending and investing products. Demonstrating nationwide success as a direct, online bank, EverBank's strong Financial Center network serves personal and business customers on Florida's First Coast.
EverBank also offers customers global markets access through its World Markets products and brokerage services through its subsidiary, EverTrade Direct Brokerage.1 Additionally, we partner with investment professionals and mortgage brokers to offer integrated mortgage and banking products to their clients.
The EverBank Family of Companies is an industry-leading mortgage lender and servicer, servicing loans with principal balances exceeding $63 billion.
Voted "Best of the Breed" by Money Magazine, "Best Checking Account" by Kiplinger's, and listed as a Forbes.com "Best of the Web" recipient five times, EverBank has received favorable mentions or reviews in numerous print and online media, including The Wall Street Journal, The New York Times, Forbes and BusinessWeek. EverBank has received a Strong Servicer rating from S&P and holds a 4-star rating from BauerFinancial.2
- Is EverBank stable, safe, well-capitalized?
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As demonstrated in our growth, earnings and third-party ratings, EverBank is a strong and stable institution. 2009 was a record year, with EverBank posting earnings of $54.9M or a 16% increase from the previous year. The first quarter of 2010 also showed impressive results with earnings of $31.3M, an increase of 98% over Q1 2009.
EverBank is also extremely well capitalized—core capital as of Q1 2010 was almost $500M over what is considered well capitalized under applicable law. Learn more about EverBank's strength, impressive growth, awards and recognitions »
- Why did EverBank purchase assets and assume deposits of Bank of Florida?
- Questions about my accounts
- What changes, if any, should I expect to my account?
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Deposit accounts including personal and business checking, savings, money market, Certificate of Deposit (CD) and retirement accounts have been transferred to EverBank. Your accounts will eventually move to the EverBank platform but you should not expect any disruption in service.
You should continue to use your existing Financial Center and all account features such as online banking, bill pay, debit cards and ATMs as you do today
- Are my deposits still covered by the FDIC?
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All accounts transferred to EverBank continue to be separately insured for up to $250,000 until at least November 28, 2010.3 Please read our FDIC insurance notice for more information. That notice explains FDIC insurance coverage in more detail and explains the six-month FDIC insurance grace period that applies after one bank acquires the deposits of another. If you need an additional copy of the notice or have questions, please contact your Relationship Manager or visit your Financial Center.
- What if I had deposits in excess of the $250,000 FDIC insurance limit?
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All deposit accounts have been transferred to EverBank—regardless of dollar amount. No former Bank of Florida customers lost any of their deposits as a result of this transfer—even accounts with deposits in excess of FDIC insurance limits. Please read our FDIC insurance notice for more information. That notice explains FDIC insurance coverage in more detail and explains the six-month FDIC insurance grace period that applies after one bank acquires the deposits of another. If you need an additional copy of the notice or have questions, please contact your Relationship Manager or visit your Financial Center.
- Are there any changes in fees, minimum balances or account terms due to this event?
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No. At this time, all fees, minimum balance requirements and account terms remain the same as set forth in the account agreement for your former Bank of Florida deposits. Later this year, accounts will move to the EverBank platform, and you will be notified of any changes well in advance.
- Will my rates remain the same?
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We do not currently intend to change rates on CD accounts and will tell you in writing if these rates will change in the future. Checking, money market and savings accounts will continue to be governed by your former Bank of Florida account agreement. In short—you should expect "business as usual" and we will notify you in advance of any changes.
- Can I redeem my CD without an early withdrawal penalty?
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Yes, any former Bank of Florida CD account opened prior to May 28, 2010, where there have been no changes (see below for a definition of "changes") after that date, and the CD has not been pledged as security, may be redeemed without penalty prior to its maturity date.
As an example, a 5-year CD opened on May 27, 2010, and due to mature on May 27, 2015, may be redeemed without penalty at any time prior to May 26, 2015, unless changes have been made to the account.
- When does the period to redeem my CD without penalty expire?
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As discussed above, CDs held by former Bank of Florida account holders may be redeemed without penalty at any time between May 28, 2010, and the original maturity date of the CD, assuming no changes have been made to the account.
- When you mention a "change" or "changes" to the account, what do you mean?
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Account changes could include any of the following:
• Change in the account title;
• Change in the CD term;
• Partial withdrawal of the original CD balance; or
• Depositing additional funds into the CD account.
Making any of these changes would necessitate a new CD contract, which would then be subject to EverBank's established account terms and conditions, including penalties for early withdrawal.
- What if I want to withdraw my accrued interest but leave the original principal on deposit, would I still be able to redeem the CD at a later date without penalty?
- If I don't make any changes to my CD, it matures and then rolls over to a CD at the current rate, will I still have the option to redeem the rollover CD without penalty?
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No. In this instance, you would enter into a new deposit agreement with EverBank, which would then be subject to EverBank's established account terms and conditions, including penalties for early withdrawal.
- Will EverBank change the rate on my former Bank of Florida CD(s) in the future?
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We do not currently intend to change rates on CD accounts and would mail you a notification 30 days in advance of the change. If, at that time, you wish to redeem your former Bank of Florida CD you would be able to do so without penalty.
- What about former Bank of Florida STEP or Liquid CDs?
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We will no longer offer the Step or Liquid CD products. If the current rate for one of these former products is less than the current rate of EverBank's Yield Pledge® CD of the same term, the applicable terms and conditions allow the CD Holder to "exchange" the interest rate, EverBank will adjust the rate upward on the former product to the same rate as the then-current rate of the EverBank Yield Pledge CD of the same term for the remainder of such term.
- Will my Bank of Florida account(s) be transitioned to similar EverBank account(s)?
- Will my Bank of Florida account number stay the same?
- Can I still use my Bank of Florida checks? What about ATM/debit cards?
- Will my ATM access change?
- Will my direct deposit, automated payments and transfers remain the same?
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Direct deposits, automated payments and transfers will continue as you have scheduled. If you need to change anything in the future, please contact the same Financial Center or Relationship Manager as you did before.
- Will my automatic payments through Bill Pay continue?
- How will I get my account statement(s) from Bank of Florida?
- What will happen to the checks that have not cleared my account?
- A merchant will not honor my check. What can I do?
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A copy of the press release from www.fdic.gov can be provided as it states deposits have been transferred and it is business as usual. Copies of the press release will be available at former Bank of Florida Financial Centers. Depositors or merchants can also call the FDIC at 877.834.8562 or your former Bank of Florida, now EverBank Financial Center for verification.
- Can funds be wired to me?
- What if I need information regarding my account during the time Bank of Florida was in business?
- Who will send my 1099 information after the end of the year?
- How can I claim the contents of my safety deposit box?
- Does EverBank offer the same products? What are the differences?
- If I have both a Bank of Florida and EverBank account, will I be able to view them both on the website and transfer between them? Will I receive a consolidated statement?
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EverBank and former Bank of Florida online banking platforms and statements will remain independent at this time. However, you may set up transfer relationships to enable fund transfers between your accounts. Sign on to the EverBank Online Financial Center and click on "Banking" then "Transfer Funds" and "Get started with external transfers". Follow the instructions to "Add an external transfer account" to add your Bank of Florida account for external transfers.
- Questions about client service during the transition
Question about an account?
866.BANK.FLA (226.5352)
Question about EverBank?
888.882.EVER (3837)
- EverBank is a FDIC insured savings bank. EverTrade Direct Brokerage, Inc. is a separate, but affiliated company of EverBank. Investment products and services are provided by EverTrade Direct Brokerage, Inc. and are: NOT insured by the FDIC and may lose value, NOT deposits of EverBank, NOT guaranteed by EverBank or guaranteed by the federal government. EverTrade Direct Brokerage, Inc. is a registered broker/dealer with the Securities and Exchange Commission and is a member of the FINRA/SIPC
- Rating provided by BauerFinancial, www.bauerfinancial.com.
- EverBank is an FDIC insured federal savings association. The standard FDIC insurance limit of $250,000 applies per depositor, per insured depository institution for each account ownership category.
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