TIAA Bank changing its name to EverBank, renaming home of Jaguars
TIAA, which announced a deal to sell the bank in November, wants change done by September.
ByMike Mendenhall & Mark Basch
| 9:05 p.m. June 23, 2023
TIAA Bank announced June 23 it will change its name to EverBank and rename the home of the Jacksonville Jaguars to EverBank Stadium.
“The EverBank brand has always represented forward-looking optimism, confidence and trust,” said Steve Fischer, TIAA Bank president and CEO, said in a news release.
“Our new bank, under a new brand and the EverBank name, embraces that legacy of unmatched service and high-value products that enable our clients to reach their own definition of success.”
TIAA Bank, which holds the stadium naming rights contract for the city-owned stadium, wrote a letter June 21 to Mayor Lenny Curry and Jaguars President Mark Lamping requesting it be called EverBank Stadium, according to the letter acquired by Daily Record news partner News4Jax.com.
The stadium was called EverBank Field when TIAA acquired EverBank in 2017. The stadium was renamed TIAA Bank Field in 2018.
The letter asks that the stadium naming sponsorship change on or about Sept. 10. The first Jaguars regular-season game in the 2023 season is Sept. 10 in Indianapolis.
The news release said the name change will take place in advance of the Jaguars’ first regular-season home game Sept. 17.
TIAA Bank sale
The request comes after New York City-based TIAA announced in November it was selling the bank to a group of investment funds to focus on its retirement and asset management business and said the bank would be renamed, but didn’t say what it would be.
The June 23 news release said the sale is expected to close this summer and that TIAA Bank will become EverBank when the transaction is completed.
The buyer comprises funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management. TIAA will retain a noncontrolling ownership stake and none of the funds will individually own a controlling stake.
While the deal to sell the bank has been announced, the deal needs approval from the three regulatory agencies for nationally chartered banks and holding companies: the FDIC, the Office of the Comptroller of the Currency and the Federal Reserve Board.
The agencies’ databases do not show the change of ownership applications have been filed.
However, the Comptroller did approve a change May 9 in the institution’s charter from a federal savings association to a nationally chartered commercial bank under the proposed name EverBank.
According to the letter, the TIAA Bank would change its legal name to Everbank, National Association and conduct business as EverBank.
TIAA Bank said the name change would "have no impact on bank client accounts or TIAA retirement accounts, and it remains business-as-usual for the many ways the bank services consumer and commercial clients nationwide."
City must OK change
Because this would be the second name change for the stadium, the naming rights agreement with the city requires the consent of the city and the Jaguars, and probably at a higher fee.
According to section 7 of the naming rights agreement, the naming sponsor cannot rebrand the stadium after Feb. 28, 2023, without extending the naming rights deal for at least three years from February 2025 at an annual naming sponsor fee increase of at least 3% annually.
The Jacksonville Jaguars’ home became EverBank Field in 2010 when the bank acquired the naming rights. It agreed to a 10-year extension of the naming rights deal in 2014 that remains in effect.
New deals ahead
The Jaguars are in early negotiations with the city for a $1.3 billion to $1.4 billion remodel of the stadium that the team says is integral to extending its lease in Jacksonville after the current agreement expires in 2030.
Jacksonville Jaguars owner Shad Khan also wants to build a $600 million mixed-use neighborhood adjacent to the stadium that the team has made part of its development negotiations.
Lamping said in a June 20 community meeting on the stadium renovation in Arlington that the new development could result in other naming rights and sponsorship opportunities.
This story has been updated with new information from TIAA Bank