EverBank Financial converts $48.7 million of cash into common stock

Funds were held in escrow in connection with acquisition of Tygris

By Devika Patel

Knoxville, Tenn., Aug. 28 - EverBank Financial Corp. said it converted $48.7 million of cash, which was held in escrow in connection with the company's acquisition of Tygris Commercial Finance Group, Inc., into 4,032,662 common shares.

The shares were converted at $12.07 apiece. The conversion price was based on the trailing 10-day volume-weighted average price per share of EverBank's common stock through Aug. 27.

The private placement involved EverBank shareholders and former shareholders of Tygris.

The shares will remain in an escrow account, which was established as part of the Tygris acquisition to offset potential losses associated with the acquired lease and loan portfolio over a five-year period. Based on the performance of the acquired Tygris portfolio, the company anticipates the shares will be fully released in 2015.

The additional capital from the private placement will be used to support future growth in EverBank's business and for general corporate purposes.

EverBank is a savings and loan holding company based in Jacksonville, Fla.

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