EverBank Terminates NetBank Agreement

EverBank Financial Corp. has terminated its agreement to acquire NetBank's consumer deposit accounts, business finance division and other assets under the transaction announced on May 21, 2007.

This decision, the company says, comes after it became clear that NetBank would not be able to complete certain conditions required to close and receive regulatory approval.

"Through the summer, EverBank has stood ready to complete the acquisition as proposed, and we are disappointed that the transaction was unable to be the consummated," says Robert Clements, EverBank Financial Corp.'s chairman.

The acquisition of NetBank's mortgage servicing portfolio, which was originally announced at the same time, was completed on July 1, 2007 – bringing EverBank's total mortgage servicing portfolio to over $40 billion.

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