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EverBank confirms possible sale

Jacksonville, Fla.-based EverBank Financial Corp. confirmed it is exploringstrategic .

Advanced talks with a financial services firm could lead toEverBank's acquisition for $19.50 per share in cash — and possibly its series Apreferred shares being exchanged for cash equal to the liquidation preference,plus dividends. The ongoing negotiations are exclusive until Aug. 9. EverBanksaid it would not comment further and would therefore cancel its plannedearnings call.

On July 26, the company reported second-quarter net incomeallocated to common shareholders of $19.0 million, or 15 cents per share. Itwas $39.0 million, or 31 cents per share, in the year-ago period. Revenue fellyear over year to $196.6 million from $252.8 million, largely due to a changein the valuation allowance on its mortgage servicing rights. If the latter wereexcluded, revenue would have been $232 million.

The company calculated its adjusted net income available tocommon shareholders at $40.5 million, or 32 cents per share. The S&PCapital IQ consensus normalized EPS estimate for the recent quarter was 36cents.

EverBank's efficiency ratio was 79%, up from 73% in thelinked quarter and 70% a year ago.