They still haven’t settled on a name for the merged bank, but Teachers Insurance and Annuity Association of America expects to complete its acquisition of Jacksonville-based EverBank Financial Corp. today.
EverBank said in a Securities and Exchange Commission filing Thursday that the Federal Reserve Board approved the deal Wednesday, the final regulatory hurdle the companies needed to clear to complete the $2.5 billion deal.
TIAA is paying $19.50 a share in cash to buy EverBank and expand its banking presence. EverBank shareholders approved the deal in November.
TIAA is a giant financial services firm that ranked 80th in the Fortune 500 list of largest U.S. companies released this week, with $37.1 billion in revenue last year.
However, TIAA’s banking subsidiary, with $3.6 billion in deposits, is much smaller than EverBank, which has about $18.9 billion in deposits. So TIAA decided to keep the headquarters of the merged bank in Jacksonville.
EverBank Chairman and CEO Robert Clements is retiring with the merger, but EverBank President Blake Wilson will become CEO of the merged bank.
EverBank spokesman Michael Cosgrove said Thursday the companies still haven’t made a decision on the name for the merged bank.
A new name would mark a significant change for Jacksonville’s skyline. Not only is the city’s football stadium named EverBank Field, the EverBank name adorns the company’s Northbank headquarters building at 501 Riverside Ave. and a 30-story Downtown building.
EverBank’s lease on 47,500 square feet of space in the Riverside Avenue building expires June 30, 2020, according to its annual report. The report doesn’t give information on the company’s Downtown lease.
The company originally signed a naming rights deal for the Jacksonville Jaguars’ stadium in 2010, and signed a 10-year, $43 million extension in 2014.
TIAA’s bank subsidiary, headquartered in St. Louis, is officially known as TIAA-CREF Trust Company, FSB.
New York-based TIAA was formed by the Carnegie Foundation in 1918 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.
mbasch @jaxdailyrecord.com