JACKSONVILLE, Fla. – EverBank announced Monday that it has entered a formal agreement to be acquired by Teachers Insurance and Annuity Association, or TIAA. Under the terms of the agreement, EverBank stockholders will receive $19.50 per share in cash, or about $2.5 billion.
"Once the transaction is complete in mid-2017, we are confident that we will find ourselves in a position to help serve you even better," the Jacksonville-based bank said in a statement. "TIAA offers an expansive lineup of financial products and services that, when combined with what EverBank brings to the table, is certain to open up many new and exciting opportunities for current EverBank and TIAA clients alike."
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It's unclear how the sale will affect the naming rights for EverBank Field, where the Jaguars play.
The team released a statement Monday about the development:
We have not had any discussions on this subject and will need to learn more regarding their future branding plans before we will be in a position to comment."
EverBank announced weeks ago that it was entertaining acquisition offers. TIAA is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields.
"We also share in TIAA's passion and commitment to bringing you new and innovative online and digital experiences designed to both improve and simplify your financial life," EverBank's statement said. "Finally, we are particularly proud to be joining a company of like values and one that is equally dedicated to enhancing the health and well-being of the communities in which we live."
EverBank was founded in 1994 and provides banking, mortgages and investing services. with $883.6 million in revenues and $27.4 billion in assets.
“This acquisition also gives TIAA a talented employee base and significant business operations in Jacksonville, Florida, and other key markets across the country," said Roger W. Ferguson Jr., president and CEO of TIAA. "TIAA intends to maintain a strong presence and an active role in the Jacksonville community, with the city serving as the combined bank's headquarters,"