EverBank Recognized for Its Standout CD Rates as It Continues Its Transformation Into a True Commercial Bank

In a Nutshell:  EverBank has updated its charter to further its evolution into a full-service commercial bank. EverBank services customers across the U.S. It operates nine branches, all located in Florida, but the bank is evaluating opportunities to open financial centers in additional states. As it evolves, EverBank remains dedicated to providing its customers with world-class deposit products. CardRates is recognizing EverBank with our Editor’s Choice™ Award for standout CD rates.

Many businesses owe at least a measure of their success to their ability to adapt to change. When technology advanced to support online streaming services, Netflix shifted from being a DVD rental company to establishing itself as one of the leading streaming services in the world. Netflix’s focus on serving its customers efficiently and effectively led to its decision to adapt to market forces.

EverBank, a financial institution with more than $30 billion in assets, believes in adapting to best serve the needs of its customers and communities. Formerly known as TIAA Bank before it was acquired by private investors, the bank completed a rebrand and emerged as EverBank in September 2023. We spoke with Lindsay Lawrence, Executive Vice President and Chief Operating Officer at EverBank, to learn more about the bank’s rebranding efforts.

After it was acquired from TIAA, Lawrence said the bank has been rebranding and has changed its charter. The bank was previously a thrift bank and emphasized taking deposits and originating consumer mortgages. As EverBank, Lawrence said the bank has evolved into a true commercial bank.

“We’re committed to unlocking the opportunities that allow us to build out more of the components you’d expect to see from a commercial bank,” Lawrence said. “We’re broadening our offerings on the commercial side to better serve small, medium, and large businesses as well as corporations.”

Lawrence said a new management team accompanies EverBank’s rebrand. Greg Seibly, formerly the President of Union Bank, has been named EverBank’s CEO.

In its new form, EverBank aims to be a partner that can support its clients as their businesses and banking needs grow.

“We truly want to be a business owner’s banking partner for life,” Lawrence said. “For small businesses, we’ll partner with them from their startup stage to their growth stage, all the way through the point where an owner is considering selling their business and weighing retirement options.”

EverBank operates nine financial centers, all of which are in the state of Florida. Lawrence said the bank is eyeing specific geographic locations to expand into but hasn’t formally announced those decisions yet.

“Here at EverBank, we recognize that relationships and presence matter,” Lawrence explained. “We’re not going to place a branch on every street corner, but there are strategic locations we’ve identified where we’ll soon have a physical presence.”

Lawrence said she envisions the bank’s expansion efforts to include more locations within Florida and other states where the bank seeks to develop relationships.

EverBank analyzes the geographic locations of its customers to identify areas where establishing a brick-and-mortar presence may benefit the bank and its clientele.

“If we already know that a concentration of folks are banking with us in a particular area, then we can look into whether adding a physical presence there makes sense,” Lawrence said. “Often, adding a branch can allow a bank to deepen existing relationships and acquire new customers.”

Though EverBank’s branches are all currently in Florida, the bank enjoys national name recognition due in part to its association with the NFL’s Jacksonville Jaguars. EverBank owns the naming rights to the Jaguars’ home field — EverBank Stadium.

EverBank is also a household name to its customers, who reside in various states. Lawrence said the bank prides itself on being an institution that is committed to fully servicing its clients remotely. 

EverBank supports its customers through online channels and its call center. Its support page contains guidance for accomplishing various banking tasks, including instructions for completing wire transfers and executing mobile deposits.

“We also have lending teams that are located across the country, from Washington state through the Midwest to the Northeast,” Lawrence said.

EverBank’s rebranding efforts and its strategic adjustment toward commercial banking position it to provide products and services it hasn’t offered before, Lawrence said.

Lending products attract commercial clients, but EverBank is also developing its treasury services portfolio to meet clients’ needs.

“On the lending front, we’re building out more into the direct multifamily apartment lending business,” Lawrence said. “Our services will also expand as we add on more treasury management tools for corporate clients.”

EverBank provides businesses a full suite of online banking products and tools to manage business finances, including remote deposit capture and merchant services.

Though shifting to a more commercial banking orientation, EverBank is maintaining its roots as a bank that offers consumers and businesses exceptional savings products. Lawrence said that, as a thrift bank, the institution primarily focused on savings products. The bank has chosen to deemphasize certain products, including consumer mortgages, but its commitment to deposit products remains steadfast.

“Part of that focus is on offering highly competitive rates on deposit products, such as CDs,” Lawrence said. “That’s something our customers have come to expect from us.”

The bank offers personal CDs with terms ranging from three months to five years. EverBank’s business CDs are also available for terms of three months to five years, but EverBank’s business CDs offer different rates than those offered by their consumer counterparts.

Lawrence said the bank is also committed to continuing to offer money market products in the future.

“Many banks are seeking deposits right now, but that’s always been EverBank’s focus,” Lawrence said. 

Opening brick-and-mortar locations requires significant capital expenditures, but Lawrence said EverBank’s strategy of being highly selective in opening new branches allows the bank to offer better rates on deposit products.

“A lot of banks have tried to get into this space and experienced the challenges of operating under a similar model,” Lawrence said. “But EverBank has fine-tuned our strategy through the years, and we’ve learned what to do and what not to do in that regard. Our experience helps us be nimble.”

EverBank prioritizes keeping customer account information and funds secure. It employs encryption technology to protect sensitive customer information.

The bank offers identity theft coverage for EverBank debit cardholders victimized by identity theft. The bank’s identity theft coverage can provide eligible customers with reimbursement of expenses associated with recovering from identity theft.  

EverBank uses a multilayered approach to safeguard businesses’ online banking information. Two-factor authentication helps prevent unauthorized users from accessing business online banking accounts. Users can enable custom alerts to notify them of unusual expenditures or withdrawals from their accounts.

ACH positive pay enables business customers on EverBank’s business online banking platform to establish rules for incoming ACH debits. Check positive pay functions in a similar manner to ACH positive pay, empowering businesses to determine which checks to pay and which to return.

EverBank is committed to strengthening the financial wellness of its customers and the communities it serves. Lawrence said the bank’s financial centers in Jacksonville operate programs to promote financial literacy. The bank also leverages its partnership with the Jacksonville Jaguars to support causes important to the community.

“We’re also looking at ways to enhance our educational offerings from a technology standpoint,” Lawrence said. “We want to make sure that financial education is something our customers can access online. Financial education and literacy are extraordinarily important, not only for our clients but for the entire country. That’s definitely something that we are committed to continue doing and getting better at. We view it as our responsibility.”