EverBank, N.A., announced that it has entered into an agreement with Primis Bank (the “Agreement”) to acquire its Life Premium Finance division, a leading provider of custom-tailored life insurance premium financing solutions.
Life Premium Finance provides loans that are utilized by high-net-worth individuals, trusts or related businesses to pay the annual premiums due on permanent life insurance policies. The loans are fully secured by the cash value of the policy and personal liquid assets of the borrower or guarantor. The business was founded in 2021 and is led by a team of industry veterans who have developed a unique lending technology platform designed to reduce loan closing times and facilitate enhanced transactions with insurance facilitators and carriers.
“Life insurance is a critical piece of the financial plans of many high-net-worth individuals, particularly business owners, entrepreneurs and their families, who rely on life premium financing to fund complex insurance solutions,” said Greg Seibly, EverBank’s CEO. “We’re pleased to bring this new lending product to EverBank’s consumer and commercial banking clients across the country and know it will make an important difference in many peoples’ lives.”
Terms of the Agreement were disclosed today by Primis Financial Corp. in a Form 8-K filing with the U.S. Securities and Exchange Commission. The Agreement’s first closing, under which EverBank will purchase approximately $370 million of loans, is expected to occur on October 31, 2024. Additional loans will be purchased by EverBank on a flow basis between the first closing and second closing that is expected to occur on January 31, 2025. At that time, the Primis Life Premium Finance team will join EverBank.
“EverBank is a performance-driven, client-centric bank, and the Life Premium Finance management team, which collectively has more than 50 years of experience in origination, underwriting, collateral management and servicing/monitoring of life premium finance portfolios, is a great addition to our bank,” Seibly said. “Life insurance premium financing is a growing and promising nationwide market, and this business is a great fit with EverBank’s long-term strategic growth and performance strategy.”
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