MetLife's Warehouse Business Acquired by EverBank

EverBank has agreed to acquire MetLife Bank's Warehouse Finance business. Financial terms of the transaction were not disclosed. The acquisition, which is expected to close in the first half of 2012, will leverage EverBank's residential lending expertise and increase EverBank's assets by approximately $400 million. "We've been interested in entering the warehouse lending business for some time," said Rob Clements, chairman and chief executive officer of EverBank. "The MetLife Warehouse Finance business represents a natural business line expansion for EverBank and diversifies our lending platform with high quality asset generation capabilities." The acquisition has been approved by both parties' boards of directors and remains subject to regulatory approvals.