EverBank to Pay FDIC $48M to Close 2010 Loss-Sharing Deal

EverBank Financial in Jacksonville, Fla., has agreed to pay the Federal Deposit Insurance Corp. $48 million in connection with its purchase of the failed Bank of Florida in May 2010.

The $17.6-billion-asset EverBank disclosed in a regulatory filing Wednesday that it will give the FDIC $24 million in cash and a $24 million promissory note, due at the end of next year, to terminate loss-sharing agreements with the agency.

The payments will close out EverBank's obligation to repay the FDIC, or "true-up," a portion of the amount by which EverBank's expected losses on the deal exceeded its actual losses. The FDIC agreed to cover about 80% of the losses in its May 2010 deal with EverBank.

EverBank said it did not submit any claims for loss-sharing under the agreement. That acquisition gave EverBank, which had been primarily an online bank, 13 branches in the Fort Lauderdale, Tampa and Naples areas.

In August, EverBank agreed to pay the Office of the Comptroller of the Currency $43 million to settle claims it had improperly foreclosed on some borrowers. It sold its default mortgaging platform and mortgage-servicing rights with an unpaid balance of about $20 billion in October.