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Everbank: Listening To The Customer & Building A Different Type of Bank

In our final installment of Sprott’s Thoughts Natural Resource Symposium interview series, Adam Footer chats with Everbank’s Frank Trotter.

While Everbank is not specifically a resource company, it has become an important partner with many friends of Sprott Global over the years, and we believe it is one of the few banking institutions offering both integrity and customized solutions.

Frank Trotter is the co-founder of Everbank, and during the interview he shared what it takes to start a bank. He also explained how his team has made this publicly-traded company stand out from the herd.

When Mr. Trotter and his co-founders conceived the idea of Everbank, they scanned the banking landscape and saw nothing that encouraged them from a customer’s point of view. Interest rates were higher than they are now, but banks were paying little interest. Competitors were charging multitudes of fees, and customer service across the industry was terrible.

Mr. Trotter and his co-founders figured they could build a better bank. “We got it off the ground, and then focused on the client and the client’s needs,” he explained. In so doing, Everbank challenged conventional wisdom on how a bank should be run.

Their result has been lower fees, transparent procedures, and higher yields on checking accounts and CDs. Everbank checking accounts yield 1.1% APY, where Bank of America yields just 0.01%. They were able to accomplish this by having fewer physical branches, and instead roll back capital to customers.

Everbank also offers precious metal transacting and foreign currency denominated accounts. This is helpful for both diversification of a cash portfolio, and for conducing foreign transactions, such as purchasing a home in New Zealand.

Speaking to the group’s business culture, Mr. Trotter notes that, “We don’t have a proprietary derivative shop that just takes risk to be a middle man in the market. We certainly hedge a lot of our positions per home lending and the balance sheet management. [But] we don’t take th[e] proprietary risk that you hear about so often in the traditional path…I just sort of look back to the 2007-2010 period when we didn’t take TARP as a bailout from the government. We were able to invest in a lot of assets that [distressed] banks had to dispose of and we were able to grow strongly through that period.”

Adam Footer’s full interview with Frank Totter is a must read, and can be found here:

>>Adam Footer Interviews: Frank Trotter, Everbank - CLICK HERE

For more information on the Sprott Vancouver Natural Resource Symposium, please click here or contact your Sprott broker.

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About the 2016 Sprott Natural Resource Symposium in Vancouver:


How can you maximize your profits from the long awaited precious metals and natural resources bull market? One time tested way is by listening to respected experts in the industry at the 2016 Sprott Natural Resource Symposium in Vancouver, Canada, July 26-29. Our clients have consistently rated this conference as the finest investment conference they attend.

Join experts including Jim Rickards, John Embry, Doug Casey and Steve Sjuggerud. Join the “living legends” of mining, men who built billion dollar businesses, and are doing it again:  Ross Beaty (who took Lumina Copper from $.50 to $140 in seven years); Robert Quartermain (who took Silver Standard from $.72 to $45in ten years); Rob McEwen; and Robert Friedland.

Meet and listen to fifteen of the most influential precious metals and natural resource oriented newsletter editors in the world. Meet over 50 public company exhibitors, who are allowed to exhibit because they are owned in Sprott managed accounts.

In the early stages of a resource bull market, can you afford not to go to the finest junior resource investing conference in the world?

For more information, please follow this link:  Sprott Natural Resource Symposium

 

 

This information is for information purposes only and is not intended to be an offer or solicitation for the sale of any financial product or service or a recommendation or determination by Sprott Global Resource Investments Ltd. that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on the objectives of the investor, financial situation, investment horizon, and their particular needs. This information is not intended to provide financial, tax, legal, accounting or other professional advice since such advice always requires consideration of individual circumstances. The products discussed herein are not insured by the FDIC or any other governmental agency, are subject to risks, including a possible loss of the principal amount invested.

Generally, natural resources investments are more volatile on a daily basis and have higher headline risk than other sectors as they tend to be more sensitive to economic data, political and regulatory events as well as underlying commodity prices. Natural resource investments are influenced by the price of underlying commodities like oil, gas, metals, coal, etc.; several of which trade on various exchanges and have price fluctuations based on short-term dynamics partly driven by demand/supply and nowadays also by investment flows. Natural resource investments tend to react more sensitively to global events and economic data than other sectors, whether it is a natural disaster like an earthquake, political upheaval in the Middle East or release of employment data in the U.S. Low priced securities can be very risky and may result in the loss of part or all of your investment.  Because of significant volatility,  large dealer spreads and very limited market liquidity, typically you will  not be able to sell a low priced security immediately back to the dealer at the same price it sold the stock to you. In some cases, the stock may fall quickly in value. Investing in foreign markets may entail greater risks than those normally  associated with  domestic markets, such as political,  currency, economic and market risks. You should carefully consider whether trading in low priced and international securities is suitable for you in light of your circumstances and financial resources. Past performance is no guarantee of future returns. Sprott Global, entities that it controls, family, friends, employees, associates, and others may hold positions in the securities it recommends to clients, and may sell the same at any time.

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