EverBank Financial Corp, based in Jacksonville, FL which operates EverBank Direct, the online division of EverBank, has filed with the SEC last Friday for an initial public offering to raise up to $200 million. I have been following EverBank for quite some time and am currently a customer of their Yield Pledge Money Market Account which is one the best online savings accounts with a 3-month bonus rate of 2.25% APY. The ongoing rate after the promotion period is 1.26% APY. In addition to the savings account, EverBank also offers an interest bearing checking, Yield Pledge Checking Account (used to be FreeNet Checking Account), which also has an introductory rate of 2.25% APY for three months, and a Metals Select Account, for those who are interested in investing in precious metals.
EverBank operates 14 branches in Florida and has more than 2,200 employees. In March, EverBank acquired Bank of Florida after that bank failed. Currently, EverBank Financial has about $11.2 billion in assets and $9 billion in deposits. According to Renaissance Capital, EverBank Financial booked $654 million in interest and non-interest income for the 12 months ended June 30 and it has posted profits every year since 1995.
The stock will be traded under symbol EVER, but not date has been set for the IPO yet.
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EverBank Money Market Account 1.25%: Open an EverBank Money Market Account with a minimum balance of $1,500 and earn 1.25% bonus rate for the first six months. The first year APY is 1.01% for account balance up to $50,000. Find out more about this offer.