EverBank Vendor Equipment Finance, part of EverBank’s commercial financing division, will be making significant investments in its lending platform as part of the ongoing integration of the bank following its acquisition by TIAA, which closed in June. EverBank Vendor Equipment Finance is currently the eighth industry leader in terms of volume, according to a company press release.
“Our vendor finance business has been and will continue to be a very important line of business,” said Blake Wilson, president and chief executive officer of EverBank. “We are committed to growing and continually improving, and that includes our vendor finance platform. We have the opportunity to deploy greater resources and further demonstrate our commitment to our customers and the overall market.”
As a part of this strategic initiative, EverBank's Commercial Division will focus on its core business and de-emphasize non-core product lines of limited scale. “We looked at all key areas of the business – people, process, products – and we have a comprehensive plan to grow in the core areas where we have deep domain expertise,” said Mike Sweeney, SVP Originations. “Our goal is to provide simple and clear value to our clients. We’re making improvements that will make us more efficient and better able to deliver best in class service.”
This investment will reportedly enhance the client experience by placing a greater emphasis on digital solutions, such as automation and API integration, which Everbank says will eliminate paperwork and make transactions faster.
What we’re seeing here is what happens after a larger entity such as a TIAA acquires a smaller, albeit well performing organization like EverBank—an infusion of capital aimed at taking EverBank to the next level. Not only does this announcement seem to be a boon to EverBank's clients, it also adds value to TIAA’s newest asset.
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