EverBank Financial Corp has acquired Tygris Commercial Finance Group, a commercial finance and leasing company. The addition of Tygris to the EverBank family of companies expands the bank’s product offering and provides access to more than $470m in additional capital.
EverBank now has approximately $1bn in total capital, with Tier 1 (core) capital and risk based capital ratios of approximately 10% and 18%, respectively. The Tygris acquisition provides EverBank with growth capital to continue to offer high-credit-quality residential loans, retail deposit products and specialized financing as well as pursue other strategic acquisition opportunities.
Rob Clements, chairman and CEO of EverBank Financial, said: “We are very pleased to welcome Tygris into the EverBank family and are excited to align ourselves with an industry leader who is equally committed to providing exceptional financial solutions to our customers. Their disciplined approach to underwriting and commitment to innovation is a natural fit with EverBank’s culture and business philosophy.
“Commercial customers will benefit from having a stable, competitive, service-driven source of equipment financing in a marketplace that has seen unparalleled dislocation over the last several years.”
Tygris will operate as a division of EverBank based in Parsippany, NJ. The bank expects to fully complete the integration of Tygris’ products and brands by the first half of 2010.
Tygris provides product financing solutions to business customers originated through select dealers, distributors and manufacturers in the healthcare, office equipment, and technology markets across the US.