EverBank Financial will buy Tygris Commercial Financial for $535 million in a stock-for-stock transaction, Business Journal reports. The Jacksonville-based company will also invest $65 million in Tygris for collecting growth capital for providing high-credit-quality residential loan and retail deposit products.

The transaction is expected to close in late 2009 and is awaiting regulatory approval. EverBank was advised by the law firm of Skadden, Arps, Slate, Meagher & Flom, while Tygris was advised by the investment banking firm of Goldman Sachs and the law firm of Sullivan & Cromwell, adds SYS-CON Media.

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