EverBank Financial Corp. said Wednesday that Chairman and CEO Robert Clements will retire once financial services company TIAA completes its acquisition of the Jacksonville-based banking company.
TIAA announced its $2.5 billion agreement to buy EverBank last month.
The companies plan to merge TIAA’s banking subsidiary into EverBank, with the headquarters of the combined bank remaining in Jacksonville.
EverBank President Blake Wilson will become president and CEO of the merged bank, the two companies said Wednesday. He has been with EverBank for 15 years.
Kathie Andrade will become chairman of the bank while continuing her role as CEO of TIAA’s retail financial services division.
Clements joined Everbank in 1994 and has served as chairman and CEO since 1997.
He will continue to serve on the bank’s board of directors after his retirement.
The two companies hope to complete the merger in the first half of 2017.
The companies have not chosen a name for the merged bank and have not said if the merger will impact EverBank’s naming rights deal with the Jacksonville Jaguars for the city’s football stadium, EverBank Field.
EverBank currently employs 1,624 people in Jacksonville and 1,339 in other locations.
Clements’ retirement is the first personnel change announced since the merger agreement.