In an email, TIAA Bank President and CEO Steve Fischer told customers Nov. 3 that TIAA, its New York City-based parent company, announced plans to sell the bank to investors that he described as new owners with “extensive experience in financial services.”
He did not identify the group of investment funds.
The new owners of TIAA Bank will be funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management.
Fischer said the bank will continue to be based in Jacksonville. It operates in leased space at TIAA Bank Center at 301 W. Bay St. Downtown.
“Demonstrating an ongoing commitment to our bank and its future success, TIAA will retain a non-controlling ownership stake in the bank after the transaction closes in 2023,” he said.
“As TIAA refocuses on its core retirement and asset management businesses, the company determined now is the appropriate time to begin a new chapter for TIAA Bank as a separate, stand-alone bank under new ownership and a new brand.”
He did not disclose the purchase price or the new name.
Fischer said TIAA is making the change from a position of financial strength.
The email was labeled “A new chapter for TIAA Bank.”
What customers can expect
Fischer’s e-mail said that during the transition, there will be no changes to customer account numbers or lending agreements, and customers can continue to use their checks, debit cards, ATMs and TIAA Bank financial centers.
“If you have a CD product with us, there will be no changes to your account’s maturity schedule. And, of course, there are no changes to FDIC coverage of your accounts.”
He said if a customer has a broader relationship with TIAA, including a retirement plan, the change will have no impact.
“You can expect to hear from us well in advance of any future changes and, as always, our client service teams are always standing by to help you by phone, online and in person.”
He said customers can call 904-623-8408 or 800-842-2252.
“We’re pleased that under the new owners, TIAA Bank will continue to have ongoing business relationships with TIAA. We look forward to continuing to partner with TIAA to offer retirement clients high-value banking solutions.”
TIAA’s bank has been headquartered in Jacksonville since it acquired EverBank Financial Corp. in 2018. It merged EverBank with TIAA’s smaller bank subsidiary.
The bank has 698 employees in Jacksonville and 1,339 in total.
TIAA took over the naming rights of Jacksonville’s football stadium when it acquired EverBank.
The Jacksonville Jaguars’ home became EverBank Field in 2010 when the bank acquired the naming rights, and it agreed to a 10-year extension of the naming rights deal in 2014 that remains in effect.
