JACKSONVILLE, Fla. – TIAA on Wednesday announced it is selling its Jacksonville-based bank to a group of investment funds, News4JAX news partner Jacksonville Daily Record reported.
The bank will remain in Jacksonville but will get a new name that will be announced when the deal is done, the company said. That means the TIAA Bank Field name will have to change again when the bank’s new name is revealed, but that won’t happen during the 2022 football season.
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TIAA took over the naming rights of Jacksonville’s football stadium when it acquired EverBank. The Jacksonville Jaguars’ home became EverBank Field in 2010 when the bank acquired the naming rights, and it agreed to a 10-year extension of the naming rights deal in 2014 that remains in effect.
From 1997 until 2006, the stadium was named Alltel after the now-defunct communications company purchased the naming rights. The stadium opened in 1995 as Jacksonville Municipal Stadium on the site of the old Gator Bowl Stadium.
The transaction is expected to close in 2023 after final regulatory approvals and the satisfaction of other closing conditions, according to the company.
TIAA’s bank has been headquartered in Jacksonville since it acquired EverBank Financial Corp. in 2018. It merged EverBank with TIAA’s smaller bank subsidiary.
The bank has 698 employees in Jacksonville and 1,339 in total.
The terms of the deal were not disclosed.