Daily Record Financial News &
Monday, June 12, 2017
Vol. 104, No. 150 • One Section
35¢
www.jaxdailyrecord.com
EverBank shares miss Trump bump It took a long time for Teachers Insurance and Annuity Association of America to get all the regulatory approvals it needed to complete its acquisition of Jacksonville-based EverBank Financial Corp.
The deal was completed Friday, 10 months after it was first announced, and after the long wait it’s reasonable for shareholders to ask: Was this a good deal for us? It’s an especially interesting question because of the bank stock rally that occurred last fall after Donald Trump won the presidential election. TIAA agreed in August to buy EverBank for $19.50 a share, representing a 25.8 percent gain over EverBank’s closing price of $15.50 on July 22, before news
leaked out that the company was considering a buyout. Ironically, EverBank shareholders approved the deal at a special meeting on Wednesday morning, Nov. 9, just hours after the election results came in. Did those shareholders miss out by locking in the $19.50 price in November? Bank stocks rallied in the months after the election on speculation that Trump would push financial deregulation policies that would benefit banks. One of the most widely watched bank stock indica-
tors, the KBW Bank index, jumped 47.8 percent from that July 22 date to its peak in March. Bank stocks have fallen back recently on sentiment that Trump’s policies will not benefit the sector as much as hoped, but the KBW index was still about 37 percent higher last week than its July 22 level as the EverBank sale closed. While we don’t know if EverBank would have been able to negotiate a better price Basch
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Going extra innings in Tallahassee
Photo by Max Marbut
From left, GrayRobinson associate Chris Dawson, Jacksonville office Managing Partner Kenneth Jacobs, Senior Director of Government Affairs Robert Stuart, shareholder Chris Carmody and David Griffin, of counsel.
Lobbying team for GrayRobinson recaps a legislative session that didn’t end when they thought it would.
HARD TO PASS A LAW
By Max Marbut Associate Editor
Bills introduced:
The GrayRobinson law firm’s state lobbying team was put on the schedule several weeks ago to present on Thursday a wrap-up of the 2017 Florida legislative session for about 100 of the firm’s clients and other business and community leaders. What no one knew when they booked lunch at The River Club was that the Legislature would have to convene a special session to work out among themselves and with Gov. Rick Scott the final details of the state’s 2017-18 budget, so the team took a break from the fray
Public
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in Tallahassee and drove to Jacksonville. The panel comprised Chris Carmody, Chris Dawson, David Griffin and Robert Stuart, the firm’s senior director of government affairs. Their presentation included insight about how the legislative process works and comments on the general session. Griffin said something many people don’t realize is how few bills are enacted in relation to the number filed. This, session, he said, 3,052 bills were introduced, but only 249 were passed by the House and the Senate. Session
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Published
How hard is it to get a bill through the Florida Legislature? For the 2017 session, consider the numbers:
3,052 Bills passed by the House and Senate:
249 for
27,211
consecutive weekdays