EverBank announced today it has reached an agreement 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 CEO 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. EverBank was advised by the law firms of Alston & Bird LLP and BuckleySandler LLP and the investment banking firm of Goldman, Sachs & Co. MetLife was advised by K&L Gates LLP and Deutsche Bank Securities Inc.