An illustration shows the EverBank name atop the 30-story tower on Bay Street. | Jacksonville Daily Record
Published on August 1, 2023 at 1:13 pm
TIAA has completed the sale of its bank subsidiary to private investors, meaning that the Jacksonville-based company will now do business as EverBank.
Terms of the transaction were not disclosed, but the bank remains headquartered on West Bay Street and will change the signs on top of the tower to the EverBank name.
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The bank also has naming rights to the Jacksonville Jaguars stadium and plans to rename it EverBank Stadium before the Jaguars’ first regular season home game on Sept. 17. New signs and other branding are going up now.
“We’re thrilled that Jaguars fans will once again be able to Lock Down the Bank as we take on the Super Bowl champion Kansas City Chiefs in the first game at EverBank Stadium,” new CEO Greg Seibly said in a news release. “Our partnership with the Jaguars and the Jacksonville community is incredibly important to us, and we’re looking forward to cheering on the Jags to another winning season.”
EverBank also plans to continue its support of local organizations such as HabiJax and Junior Achievement, the news release said.
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This summer, EverBank will introduce a new community program, Touchdowns for Tomorrow. For every touchdown scored by the Jaguars, EverBank will provide financial education for 100 Jacksonville students, with EverBank associates volunteering at local schools alongside Junior Achievement throughout the NFL season.
For bank clients, banking remains business as usual, with no changes to bank accounts or bank services, the bank said.
“Today is a big day for EverBank and Jacksonville, as our bank begins an exciting new chapter,” Seibly said in the news release. “We’re extremely proud to call Jacksonville our home as we deepen our commitment to ensuring our clients have a financial advantage and make a positive difference in the communities where we live and work.”
EverBank will operate under a new national bank charter, with Seibly as CEO and David DePillo as president.
The new investors acquired almost all of the bank’s assets and business lines, apart from the trust business, which operates as TIAA Trust under a new national charter. TIAA continues to own a non-controlling stake in EverBank.
The new investors, each with non-controlling interests in EverBank, are funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management.
The bank sale has no effect on TIAA retirement accounts. Proceeds from the bank sale were returned to TIAA’s General Account, which the company manages for the benefit of its retirement clients.
