It’s official: TIAA completes acquisition of EverBank

(Courtesy of Jacksonville Business Journal)

TIAA notified the Securities and Exchange Commission on Friday that the acquisition of EverBank Financial Corp. and EverBank has been finalized.

The filing comes after the Federal Reserve Board approved the transaction June 7.

The New York-based financial services company, a leader in retirement options for educators, announced its $2.5 billion acquisition of EverBank in August 2016. It has given assurances that the headquarters will remain in Jacksonville.

EverBank CEO Robert Clements has said he will now retire.

Clements joined EverBank in 1994 and has served as Chairman and CEO since 1997. He managed the bank as it grew into the largest in Florida based on assets of more than $27 billion. Clements will continue to serve on the new bank’s board of directors.

Blake Wilson, EverBank’s president and chief operating officer, will serve as the new bank’s president and CEO. Wilson has been a part of EverBank’s executive team for the past 15 years.

Kathie Andrade, CEO of TIAA’s retail financial services business, will serve as chairman of the board of the new bank. She will also continue in her role as CEO of TIAA’s retail financial services.

The merged company possess $282.4 billion in total assets and deposits of approximately $23.3 billion.

The acquisition is seen as a catalyst for the growth of the bank.

“I think this is going to have a substantial and positive impact on the EverBank that we know today,” JaxUSA President Jerry Mallot said when the merger was announced. “The purchase was done intentionally with the opportunity for growth.”

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s