Jacksonville-based EverBank Financial Corp. on Monday morning announced an agreement to be acquired by financial services firm TIAA for $2.5 billion.
EverBank will be merged with TIAA’s banking operations, with Jacksonville serving as the headquarters of the combined bank.
“TIAA intends to maintain a strong presence and an active role in the Jacksonville community,” the companies said in a news release.
The companies did not give specific operational details in the news release, including what the name of the combined bank will be. It is not known if Jacksonville’s football stadium will continue to be known as “EverBank Field.”
As expected, TIAA is buying EverBank for $19.50 a share, a total of $2.5 billion, the companies said.
EverBank had announced two weeks ago it was in talks with an unidentified financial services firm to be acquired for $19.50 a share and last week, several financial news outlets identified TIAA as the potential buyer.
New York-based 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 operate as a not-for-profit company focusing on financial services for people in the academic, research, medical, cultural and government fields.
TIAA said the addition of EverBank will give its bank a more comprehensive range of services.
“Our two companies are a great match. We look forward to introducing our unique consumer and commercial banking products to the millions of individuals and the institutions that TIAA serves today, while enhancing the investment and retirement product offerings for our clients,” EverBank CEO Rob Clements said in the news release.
“We are also pleased to be joining a company with a long-term focus, a deep commitment to the communities in which it operates and a desire to grow our franchise. This truly is a great new chapter for all EverBank stakeholders,” he said.
The companies expect to close the deal in the first half of 2017.