Florida’s EverBank is the latest financial institution to play a role in a slice of the California market that has been rocked by massive acquisitions and last year’s banking crisis.

EverBank, which spun off from retirement giant TIAA last year, said this week it is expanding its commercial banking footprint into Southern California.

The $34 billion-asset Jacksonville bank also said in late October that it will launch a new corporate asset finance business that will be led by a veteran Southern California banker.

The banking market in the nation’s largest state has undergone extraordinary change over the past few years, prompting many bankers to seek new opportunities. First was the sale of MUFG Union Bank to US Bancorp, which was quickly followed by BMO Financial Group’s acquisition of Bank of the West.

Then came last year’s turmoil, when Silicon Valley Bank and First Republic Bank collapsed in rapid succession, but their remains were quickly sold off. In just six months in late 2022 and early 2023, four of the five largest California-based banks either changed hands or went bankrupt.

The state’s banking market has also experienced smaller fluctuations, such as the sale of PacWest Bancorp to Banc of California last November.

“I see a very dynamic and competitive market here in the state of California. And when we see mergers and acquisitions and closings, that opens up market opportunities for other banks,” said Walter Mix III, former commissioner of the current institution. He called the California Department of Financial Protection and Innovation.

Out-of-state banks seizing opportunities in California include Rhode Island-based banks Citizen Finance GroupOpening private banking offices in the state and headquartered in Washington Columbia Banking Systemis expanding into wine lending.

EverBank, based in Jacksonville, Fla., said its new Southern California commercial banking team will have six professionals and be based in Irvine, with satellite offices in La Jolla, El Segundo and Encino.

The team will be led by Stephanie Buckley, who headed the company’s efforts in the Southern California commercial banking and private banking markets before Signature Bank’s failure last year.

EverBank’s new Southern California commercial banking division will focus on middle-market businesses and serve a variety of industries including manufacturing, technology, aviation, media and entertainment, according to the bank.

“We are building a high-performing commercial banking team in the world’s fifth largest economy,” Buckley said in the press release.

EverBank declined to answer questions about its burgeoning efforts in California.

But the bank said last month that its new corporate asset finance division is being led by Maureen Carr, who previously had a long tenure as managing director of corporate asset finance at Los Angeles-based PacWest.

Carr will lead a team of about a dozen industry professionals, EverBank said. They will focus on medium to large scale equipment financing covering ships, railcars, aircraft, construction and more.

EverBank CEO Greg Seible is also a veteran of California banking. Before joining EverBank last year, he was based in Los Angeles as both president of Union Bank and head of regional banking. Earlier in his career, Seively was the California president of U.S. Bancorp.

EverBank has been a fully independent company since August 2023, when it completed its separation from TIAA.