METLIFE AND EVERBANK SIGN AGREEMENT TO PURCHASE EVERBANK REVERSE MORTGAGE LLC
NEW YORK, April 03, 2008
MetLife, Inc. (NYSE: MET) announced today the execution of a purchase agreement whereby it will acquire EverBank Reverse Mortgage LLC of Bloomfield, NJ, from its parent, EverBank. It is expected that EverBank Reverse will be a division or operating subsidiary of MetLife Bank, a direct subsidiary of MetLife, Inc. Terms of the agreement were not disclosed.
It is anticipated that the deal will be finalized by July 31, 2008.
“MetLife Bank added reverse mortgages to its product portfolio in 2007. The acquisition of EverBank Reverse Mortgage will help us rapidly grow this business and strengthens MetLife’s position as an innovator in helping Americans make the most of what they have in retirement,” said Donna DeMaio, president, MetLife Bank.
EverBank Financial Corp is a private financial services holding company headquartered in Jacksonville, Florida. With approximately $5.5 billion in assets, 1,600 employees, and over 450,000 customers nationwide, EverBank is one of the industry's fastest growing, high performing financial service firms. EverBank provides national banking and lending products directly to consumers and through a variety of business partners. EverBank has received numerous awards including Forbes and Online Banking Report’s “Best of the Web,” Kiplinger’s Personal Finance magazine’s “Best Checking Account,” as well as other servicing, banking, and technology honors.
MetLife Bank, NA (Member FDIC) is a federally chartered bank offering a wide array of banking products and services, including high-yield savings, certificates of deposit, money market accounts, individual retirement accounts, and residential mortgages. For more information, please visit www.metlifebank.com.
MetLife Bank is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other
financial services to individuals, as well as group insurance, reinsurance and retirement & savings products and services to corporations and other institutions. For more information, please visit www.metlife.com.
This release contains statements which constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to trends in the operations and financial results and the business and the products of the company and its subsidiaries, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend” and other similar expressions. Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their potential effects on the company. Such forward-looking statements are not guarantees of future performance.
Actual results may differ materially from those included in the forward-looking statements as a result of risks and uncertainties including, but not limited to, the following: (i) changes in general economic conditions, including the performance of financial markets and interest rates, which may affect the company’s ability to raise capital; (ii) heightened competition, including with respect to pricing, entry of new competitors, the development of new products by new and existing competitors and for personnel; (iii) investment losses and defaults, and changes to investment valuations; (iv) unanticipated changes in industry trends; (v) catastrophe losses; (vi) ineffectiveness of risk management policies and procedures; (vii) changes in accounting standards, practices and/or policies; (viii) changes in assumptions related to deferred policy acquisition costs, value of business acquired or goodwill; (ix) discrepancies between actual claims experience and assumptions used in setting prices for the company’s products and establishing the liabilities for the company’s obligations for future policy benefits and claims; (x) discrepancies between actual experience and assumptions used in establishing liabilities related to other contingencies or obligations; (xi) adverse results or other consequences from litigation, arbitration or regulatory investigations; (xii) downgrades in the company’s and its affiliates’ claims paying ability, financial strength or credit ratings; (xiii) regulatory, legislative or tax changes that may affect the cost of, or demand for, the company’s products or services; (xiv) MetLife, Inc.’s primary reliance, as a holding company, on dividends from its subsidiaries to meet debt payment obligations and the applicable regulatory restrictions on the ability of the subsidiaries to pay such dividends; (xv) deterioration in the experience of the “closed block” established in connection with the reorganization of Metropolitan Life Insurance Company; (xvi) economic, political, currency and other risks relating to the company’s international operations; (xvii) the effects of business disruption or economic contraction due to terrorism or other hostilities; (xviii) the company’s ability to identify and consummate on successful terms any future acquisitions, and to successfully integrate acquired businesses with minimal disruption; and (xix) other risks and uncertainties described from time to time in MetLife, Inc.’s filings with the U.S. Securities and Exchange Commission. The company specifically disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.