The purchase by a group of investment funds means the financial institution will have a new name in 2023.
Five years after financial services company TIAA acquired Jacksonville-based EverBank Financial Corp., the company announced a deal to sell the bank to a group of investment funds.
TIAA merged EverBank with its smaller bank subsidiary and kept the TIAA Bank name, but the combined bank is headquartered in Jacksonville where it employs 698 people.
TIAA said the bank will remain headquartered in Jacksonville but operate under a new name, which will be announced when the deal closes in 2023.
A new name for the bank will also mean a new name for Jacksonville’s football stadium. TIAA took over the 10-year extension of a naming rights deal that EverBank signed in 2014.
The new stadium name will need to be approved by the city and the Jacksonville Jaguars.
The group buying the bank will be funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management.
New York City-based TIAA will retain a noncontrolling ownership stake and none of the funds will individually own a controlling stake.
Terms of the sale were not disclosed in the Nov. 3 announcement of the deal.