NEW YORK — TIAA, a leading financial services provider, announced has completed its acquisition of Florida-based EverBank Financial Corp (NYSE:EVER) and its wholly owned subsidiary EverBank.
The transaction was originally announced August 8, 2016.
The deal significantly expands TIAA’s existing retail banking and lending products and complements the company’s full suite of retirement, investment and advisory services. It also adds a broad range of business banking services that will allow TIAA to continue to meet the evolving needs of its more than 15,000 institutional clients.
“For nearly a century, TIAA has helped to provide financial well-being for millions of customers,” said Roger W. Ferguson, Jr., president and chief executive officer of TIAA. “Our strategic investment in EverBank is squarely in keeping with that mission, and enables us to diversify, innovate and expand our business to meet the financial needs of our customers in a comprehensive way for generations to come.”
Since its founding more than 20 years ago, EverBank has brought an innovative and forward-thinking approach to banking that offers customers superior tools and opportunities to understand, manage and grow their money.
“Whether saving for the future, buying a home or managing their day-to-day finances, everyone needs powerful and reliable banking and lending services to help them reach their financial goals,” said Kathie Andrade, chief executive officer of TIAA’s Retail Financial Services business and chairman of the board of TIAA, FSB. “With the addition of EverBank, our combined customers will benefit from even more of our innovative offerings, backed by the exceptional client experience they expect from us – and know we will deliver.”
This acquisition also gives TIAA a talented employee base and significant business operations in Jacksonville, FL, and other key markets across the country. The combined bank will be headquartered in Jacksonville, and the bank expects to maintain a strong presence and active role in the local community. TIAA also plans to continue to expand its digital capabilities for banking customers.
“EverBank was created to be a different type of bank – a nationwide financial services firm dedicated to working closely with our clients to help them pursue their unique long-term financial goals by truly understanding their personal definition of success,” said Blake Wilson, president and chief executive officer of TIAA, FSB. “We know that our approach to banking – our commitment to service, performance and innovation – is a perfect fit with TIAA’s full suite of products and services, and we’re thrilled to have the opportunity to introduce our bank to an even broader audience.”
EverBank reported $27.8 billion in total assets and $19.3 billion in total deposits as of March 31, 2017.
The new, combined bank’s legal entity name is TIAA, FSB, but for the immediate future, the bank will continue to use the TIAA Direct and EverBank brands. Customers will be kept informed regarding account conversions as the integration progresses.
Kathie Andrade will continue in her role as chief executive officer of TIAA’s Retail Financial Services business. Andrade also will now serve as chairman of the board of the new bank, TIAA, FSB.
Blake Wilson will now serve as president and chief executive officer of TIAA, FSB. Prior to the closing of the transaction, Wilson was EverBank’s president and chief operating officer. Wilson will continue in his capacity as a member of the board of directors of the new bank.
Robert Clements retired as EverBank Financial Corp’s chairman of the board and chief executive officer after the deal was completed.