NEW YORK & JACKSONVILLE, Fla.--(BUSINESS WIRE)--TIAA, a leading financial services provider, today announced the future appointment of the chairman of the board and chief executive officer of its new diversified, nationwide bank after it completes the acquisition of EverBank Financial Corp (NYSE: EVER) and its wholly owned subsidiary EverBank. The new bank will significantly expand TIAA’s banking and lending products and complements the company’s full suite of retirement, investment and advisory services.
Kathie Andrade, currently chief executive officer of TIAA’s Retail Financial Services business, will serve as chairman of the board of the new bank after consummation of the acquisition. Andrade also will continue her role as chief executive officer of Retail Financial Services, which is dedicated to helping individual consumers manage their finances and achieve a lifetime of financial well-being.
Blake Wilson, EverBank’s president and chief operating officer and a member of the board of directors, will serve as the new bank’s president and chief executive officer and a board director after the acquisition is completed. Wilson has been involved in financial services since 1989 and, for the past 15 years, has been a part of the executive team driving EverBank’s significant growth and evolution.
Robert Clements, EverBank Financial Corp’s chairman of the board and chief executive officer, has announced he will retire after the acquisition is completed. He has agreed to serve as a member of the new bank’s board of directors after consummation of the transaction. Clements joined EverBank in 1994 and has served as chairman and chief executive officer since 1997. He has been instrumental in EverBank’s long-term strategy and success in building a nationwide banking, lending and investing franchise.
TIAA announced the acquisition of EverBank Financial Corp in August 2016. Under terms of the agreement, EverBank Financial Corp’s common stockholders will receive $19.50 per share in cash, or an approximate total of $2.5 billion. The combination of TIAA’s existing banking operations and EverBank will significantly bolster TIAA’s banking capabilities and form a full-service banking company uniquely positioned to help both companies’ customers succeed. The combined bank will be headquartered in Jacksonville and serve retail and business customers across the country. The transaction is subject to customary closing conditions.
About TIAA
TIAA (TIAA.org) is a unique financial partner. With an award-winning track record for consistent investment performance, TIAA is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $889 billion in assets under management (as of 6/30/16) and offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services.
About EverBank Financial Corp
EverBank Financial Corp, through its wholly owned subsidiary EverBank, provides a diverse range of financial products and services directly to clients nationwide through multiple business channels. Headquartered in Jacksonville, Florida, EverBank has $27.4 billion in assets and $18.8 billion in deposits as of June 30, 2016. With an emphasis on value, innovation and service, EverBank offers a broad selection of banking, lending and investing products to consumers and businesses nationwide. EverBank provides services to clients through the internet, over the phone, through the mail, at its Florida-based financial centers and at other business offices throughout the country. More information on EverBank can be found at https://about.everbank/investors.
