NEW YORK--(BUSINESS WIRE)--TIAA, a leading financial services provider, announced today the successful completion of its acquisition of EverBank Financial Corp (NYSE:EVER) and its wholly owned subsidiary EverBank. The transaction was originally announced August 8, 2016.
The acquisition 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, Florida, 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.
Management and Governance
The following management changes, announced last August, are effective today.
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 upon the completion of the acquisition.
TIAA (TIAA.org) is a unique financial partner. With an award-winning1 track record for consistent investment performance, TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $938 billion in assets under management2 (as of 3/31/2017) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
Deposit and lending services and products are provided by TIAA, FSB. Member FDIC. Equal Housing Lender. TIAA Direct and EverBank are divisions of TIAA, FSB.
1 The Lipper Large Fund Award is given to the group with the lowest average decile ranking of three years' Consistent Return for eligible funds over the three-year period with at least five equity, five bond, or three mixed-asset portfolios. Note this award pertains to mutual funds within the TIAA-CREF group of mutual funds; other funds distributed by Nuveen Securities were not included. From Thomson Reuters Lipper Awards, © 2017 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited. Past performance does not guarantee future results. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. For current performance, rankings and prospectuses, please visit the Research and Performance section on TIAA.org. Nuveen Securities, LLC, member FINRA and SIPC.
2 Based on assets under management across Nuveen Investments affiliates and TIAA investment management teams as of 3/31/2017.