Florida’s EverBank is the latest financial institution to make a play for a slice of the California market, which has been shaken up by big acquisitions and last year’s banking crisis.
EverBank, which was spun off from the retirement giant TIAA last year, said this week that it has expanded its commercial banking footprint into Southern California.
The $34 billion-asset Jacksonville bank also said in late October that it was launching a new corporate asset finance business, to be led by a veteran Southern California banker.
The banking market in the nation’s largest state has gone through an unusual amount of change over the last few years, prompting many bankers to look for new opportunities. First came the sale of MUFG Union Bank to U.S. Bancorp, which was followed quickly by BMO Financial Group’s acquisition of Bank of the West.
Then came the upheaval of last year, when Silicon Valley Bank and First Republic Bank collapsed in rapid succession, though their remains were rapidly sold off. Within a span of just six months in late 2022 and early 2023, four of the five largest California-based banks either changed hands or failed.
The state’s banking market has also experienced smaller dislocations, such as the sale of PacWest Bancorp to Banc of California last November.
“What I see is a very dynamic and competitive market here in the state of California. And when we see mergers and acquisitions and closures, that opens up market opportunities for other banks,” said Walter Mix III, a former commissioner of what is now called the California Department of Financial Protection and Innovation.
Out-of-state banks that have seized opportunities in California include Rhode Island-based
Jacksonville, Florida-based EverBank said its new Southern California commercial banking team will have six professionals and be based in Irvine, with satellite offices located in La Jolla, El Segundo and Encino.
The team will be led by Stephanie Buckley, who, prior to Signature Bank’s failure last year, headed that company’s efforts in the Southern California commercial banking and private banking markets.
EverBank’s new Southern California commercial banking division will focus on middle-market businesses and will serve a range of industries, including manufacturing, technology, aerospace, media and entertainment, according to the bank.
“We are building a high-performing commercial banking team in the fifth-largest economy globally,” Buckley said in the press release.
EverBank declined to answer questions about its burgeoning efforts in California.
But the bank said last month that its new corporate asset finance division is being led by Maureen Carr, who previously did a long stint at Los Angeles-based PacWest, where she was managing director of corporate asset finance.
Carr will lead a team of roughly a dozen industry professionals, EverBank said. They will focus on mid- to large-ticket equipment financing, covering vessels, railcars, aircraft, construction and more.
EverBank CEO Greg Seibly is also a veteran of California banking. Before joining EverBank last year, he was based in Los Angeles as both president of Union Bank and head of its regional banking. Earlier in his career, Seibly was California president for U.S. Bancorp.
EverBank has been a fully independent company since August 2023, when it completed its spin-off from TIAA.