EverBank, offering a diverse range of consumer and commercial banking services, including residential mortgages, has been acquired by TIAA for $2.5 billion in a cash-for-stock deal, the companies announced.
Under the terms of the agreement, EverBank stockholders will receive $19.50 per share in cash.
EverBank offers a diverse range of financial products and services directly to clients nationwide through multiple business channels, including online. Headquartered in Jacksonville, Fla., the company had $27.4 billion in assets and $18.8 billion in deposits as of June 30, 2016.
TIAA, formerly the Teachers Insurance and Annuity Association and TIAA-CREF, calls itself the leading provider of financial services in the academic, research, medical, cultural and government fields. The organization boasts $889 billion in assets under management and offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.
In a release, Roger W. Ferguson, Jr., president and chief executive officer at TIAA, says, “EverBank’s complementary capabilities and two decades of profitability make this an excellent investment and a great strategic fit for TIAA. Together, we look forward to bringing an enhanced level of service and an expanded range of financial solutions to our millions of loyal customers and the institutions we serve.”
In addition to acquiring EverBank’s employee base, TIAA gains significant business operations in Jacksonville, Fla., and other key markets across the country.
TIAA intends to maintain a strong presence and an active role in the Jacksonville community, with the city serving as the combined bank’s headquarters.