EverBank announced TIAA, a financial services provider, as the mysterious buyer behind its advanced talks to be acquired revealed in its second-quarter earnings.
On Monday, TIAA announced that it acquired EverBank, a nationwide consumer and commercial bank with $27.4 billion in total assets, significantly expanding its banking and lending products. The transaction is slated to be complete by mid-2017.
TIAA said the acquisition “complements the company’s full suite of retirement, investment and advisory services available to help customers achieve financial well-being.”
Under the agreement, the release said that EverBank stockholders will receive $19.50 per share in cash, or an approximate total of $2.5 billion.
“I am very excited to welcome EverBank to the TIAA team,” said Roger Ferguson, Jr., president and CEO at TIAA, which is headquartered in New York City and Jacksonville, Florida. “EverBank’s complementary capabilities and two decades of profitability make this an excellent investment and a great strategic fit for TIAA. Together, we look forward to bringing an enhanced level of service and an expanded range of financial solutions to our millions of loyal customers and the institutions we serve.”
During the company’s second-quarter conference call, EverBank, which is also based in Jacksonville, Florida, said it was in advanced talks to be acquired but stopped short of answering too many details.
“We believe this transaction marks the start of a very promising new chapter in EverBank's history and will enable us to grow, with different ownership but with the same commitment to employees, customers and communities, and continue the journey we began more than two decades ago,” the company said in a statement on its website.
“TIAA intends to make EverBank an integral part of its Retail Financial Services business and envisions offering banking and lending core services to its over 5 million members and 16,000 institutional clients,” it continued.
The site also included helpful FAQs for clients, investors and partners, including what to expect if you’re a mortgage client with the company.
