TIAA Completes Sale of TIAA Bank; Bank Officially Returns to EverBank Brand Name
AUG 2, 2023 - 7:01 am
TIAA completed the sale of TIAA Bank to private investors with experience in financial services and will now officially begin operating once more as EverBank under a new national bank charter. Terms of the transaction are not being disclosed.
As part of the previously announced transaction, nearly all the bank’s assets and business lines were acquired by the new investors, apart from the trust business, which will remain part of TIAA and operate as TIAA Trust under a new national trust bank charter. TIAA also will continue to own a non-controlling stake in EverBank.
In addition, TIAA and its asset manager, Nuveen, will continue to have ongoing business relationships with EverBank. The bank sale transaction will have no impact 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. Other than the change in brand name, there will be no material change for bank clients.
“TIAA undertook this transaction from a position of financial strength, and the close of the bank sale marks an important execution milestone in pursuing our strategic focus on providing a secure retirement for our millions of clients,” David Nason, chief operating officer of TIAA, president of TIAA Wealth Management and a director on EverBank’s board, said. “Additionally, we are pleased that TIAA’s clients will be able to continue to benefit from the banking services they have previously enjoyed through our continued relationship with EverBank.”
Greg Seibly will serve as EverBank’s new CEO and David DePillo will be the bank’s new president. Steve Fischer, who served as TIAA Bank’s president and CEO, will serve as the bank’s vice chairman.
Seibly, who has more than 35 years of experience in financial services, most recently served as president and head of regional banking at Union Bank and led the California-based bank through its 2022 acquisition by U.S. Bank. Previously, he held senior positions with Umpqua Bank, Sterling Financial, Wells Fargo and Bank of America, and served as president and CEO of the Federal Home Loan Bank of San Francisco.
DePillo, who has more than 30 years of experience in financial services, most recently served as president of Dallas-based First Foundation Bank and previously held senior roles with Sterling Financial, Fremont General, Commercial Capital Bank, Home Savings of America and Coast Federal Bank.
“We’re excited to begin a new chapter of growth, performance and exceptional service to our consumer and commercial clients across the country,” Seibly said. “Our bank has a long tradition of forward-looking innovation and partnership with our clients, enabling them to achieve success on their own unique terms and always giving them the financial advantage they deserve.”
Funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management are the new investors that own non-controlling interests in EverBank.
EverBank’s headquarters and main base of operations will remain in Jacksonville, FL. In addition, as previously reported, as part of change in the bank’s name and brand, TIAA Bank Field, home to the NFL’s Jacksonville Jaguars, will be renamed EverBank Stadium. The name change will take place before the Jaguars’ first home game this year on Sept. 17.
J.P. Morgan Securities acted as exclusive financial advisor to TIAA on this transaction, while Davis Polk & Wardwell acted as legal counsel. Jefferies acted as lead financial advisor, Goldman Sachs served as financial advisor and Wachtell Lipton Rosen & Katz served as legal counsel to the new investors. Cleary Gottlieb Steen & Hamilton LLP served as legal counsel to Sixth Street. Simpson Thacher & Bartlett served as legal counsel to Bayview Asset Management.
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