Newspaper article The Florida Times Union

DONE DEAL; TIAA Acquires Jacksonville-Based EverBank for $2.5 Billion

Newspaper article The Florida Times Union

DONE DEAL; TIAA Acquires Jacksonville-Based EverBank for $2.5 Billion

Article excerpt

Byline: Drew Dixon

It's a done deal between EverBank Financial Corp. and TIAA. The two financial institutions completed their $2.5 billion merger Friday.

Documents were filed with the Securities and Exchange Commission Friday morning giving official notice of the merger that now puts TIAA in control of all assets that were owned by the Jacksonville-based EverBank.

The document notes, "TIAA FSB Holdings, Inc. formerly known as EverBank Financial Corp. ... completed its previously announced merger pursuant to the agreement and plan of merger... ."

The formalized transaction comes two days after the Federal Reserve board signed off on the deal.

The formal merger was completed nearly a year after EverBank officials announced in August they'd be selling their assets to TIAA that was pending regulatory review.

Officials with EverBank declined comment Friday.

But when the intended merger was announced last summer, TIAA officials said then they would use all resources available at EverBank to expand financial services. No massive layoffs were planned.

That sentiment was reinforced when TIAA President and CEO Roger Ferguson Jr. was in Jacksonville in March, and he reassured a JAX USA Partnership luncheon the company was impressed with the operations here and there were no plans for drastic personnel changes.

"Having EverBank in the TIAA family will make it possible for us to offer our clients, frankly, a much broader range of banking and lending products," Ferguson said.

EverBank employs 2,963 workers of which 1,624 work in the city. It has 60 mortgage offices across the country and financial operations in New York, New Jersey, Washington and Missouri.

There will be no name change for EverBank. Company officials have said it will be business as usual for clients of TIAA and EverBank.

Some loan documents and account forms will see a formal name change, but the entity based in Jacksonville will continue to operate as EverBank. It's not clear if there will be a name change for combined banking and financial services.

Also in the balance is EverBank's deep community connections to Jacksonville. …

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