EverBank to Acquire Life Premium Finance Division from Primis Bank
10.30.24
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Simpson Thacher is representing EverBank in connection with its proposed acquisition of the Life Premium Finance division of Primis Bank. The business is a leading provider of custom-tailored life insurance premium financing solutions providing loans that are utilized by high-net-worth individuals, trusts or related businesses to pay the annual premiums due on permanent life insurance policies. The acquisition of the business is expected to occur in January 2025 and prior to then EverBank will purchase approximately $370 million of existing loans and additional loans originated by the business on a flow basis.
EverBank is a nationwide specialty bank providing high-value products and services to consumer and commercial clients nationwide, with $39.4 billion assets and $29.3 billion deposits, each as of June 30, 2024.
The Simpson Thacher team includes Ravi Purushotham, Jack Johanning and Jordon Pollard (M&A); Jonathan Goldstein, Eli Shalam and Jiha Min (Tax); and Jeannine McSweeney and Ryan Stott (Executive Compensation and Employee Benefits).