[2][3][4][5] While the roots of EverBank stretch back to 1961, the current incarnation was formed in 1994 when Chairman Robert Clements led an investor group in acquiring Jacksonville, Florida–based Alliance Mortgage Company.

[11] In May 2007, EverBank agreed to acquire NetBank's direct banking and small business financing divisions and mortgage servicing portfolio; however, in September 2007, Everbank terminated the agreement, claiming that NetBank had been unable to comply with provisions regarding certain cash levels due to the 2007 subprime mortgage financial crisis.

The lawsuit alleged that EverBank, against the instructions of its customers, closed the accounts at an unreasonable exchange rate, resulting in a loss of much of the purchasers' principal.

Judge Richard Seeborg in San Jose granted EverBank summary judgment on all of the lawsuit's claims, finding that EverBank did not act in bad faith and had the discretion to close the accounts due to exposure of approximately $12 million in losses had the currency not recovered.

[25][26][27][28] In August 2023, the bank was acquired by funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street Partners, and Bayview Asset Management; the name was returned to EverBank.