According to several financial news service reports Wednesday, TIAA is the company in “advanced negotiations” to possibly buy Jacksonville-based EverBank Financial Corp.
TIAA is a diversified not-for-profit financial services company.
Reuters news service, which first reported the negotiations with EverBank, said TIAA is interested in the banking company to expand its own internet bank launched four years ago.
EverBank has 13 bank branches in Florida and one in New York but does most of its business through the internet, serving customers nationwide.
TIAA was formed by the Carnegie Foundation in 1918 as the Teachers Insurance and Annuity Association of America to provide a retirement system for teachers.
It continues to focus on providing financial services for people in the academic, research, medical, cultural and government fields.
EverBank and TIAA did not comment on the reports Wednesday, but EverBank did confirm last week “it is in advanced negotiations with a well-respected financial services company” for a possible buyout.
It is not known how a buyout would impact EverBank’s operations in Jacksonville.
EverBank said the financial services company was considering paying $19.50 a share to buy all of EverBank’s stock. But even after that announcement, EverBank has continued to trade below $19, indicating investors are uncertain if the deal will come to fruition.
The stock rose 54 cents to $18.55 Wednesday after the reports of TIAA’s involvement.