EverBank announced the formation of its Asset-Backed Finance (ABF) division, following the merger of its Fund Finance and Specialty & Lender Finance businesses. This new division will be led by Jeff Johnston, EVP Head of Asset-Backed Finance, and will continue to build on the bank's wide range of capabilities focused on alternative asset managers and the private capital industry.
Structured lending solutions will be the focus of the business across a variety of asset classes that include: fund finance, middle-market private credit, consumer and commercial financial receivables and structured real estate.
"Having the ability to offer fund managers a mix of finance solutions across the sprectrum of banking products they require – whether it's at the manager level, the fund level, or the asset level – is a compelling proposition," said Jeff Johnston, Head of Asset-Backed Finance. "We see this as a unique offering and a growing opportunity in the private capital markets, and building a business around their needs gives us a competitive advantage."
The launch of Asset-Backed Finance represents a significant milestone in EverBank's growth trajectory, underscoring its dedication to expanding service offerings and delivering exceptional value to current and prospective bank clients.
"One year ago we launched the Fund Finance business, as the first expansion milestone following the new private equity investor ownership of EverBank," said EverBank President David DePillo. "With this evolution of our team's structure, we remain focused on performance, growth, innovation and support for private capital clients. Bringing Jeff Johnston and Mike Mascia onto the platform springboarded that launch and the formation of ABF is the next logical step in our progression."
Mike Mascia, Head of Fund Finance, will continue to lead and manage the growth strategy of the Fund Finance and ABF syndication businesses, two key strategic priorities for EverBank.
To further support our growth initiatives, Josh Kinsey has been named Head of ABF Credit and will lead a team of credit officers aligned to support the business. Gabrielle Buckner, Jaime Caruso, Martin O'Brien and Frank Martino will take on additional leadership roles within ABF reporting to Jeff Johnston. ABF has 36 associates with offices in Charlotte, NC and Mt. Laurel, NJ.
"As a national bank focused sharply on performance in service to our commercial clients, EverBank is continually finding new ways to deliver a full suite of products that meets our clients' important goals," said Greg Seibly, EverBank's CEO. "Our Asset-Backed Finance division does just that, bringing together on one team a group of highly experienced and creative finance professionals who make it easy for clients coast-to-coast to obtain the specialized solutions required to meet their needs and do it in a way that is seamless and efficient."