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
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