TIAA to acquire Jacksonville-based EverBank

Jacksonville-based EverBank is entering into a formal agreement to be acquired by TIAA for $2.5 billion in cash.

The transaction is expected to be complete in the middle of 2017.  

The CEO's of both companies isssued a joint statement saying they are confident that they will be in a position to serve customers even better.

TIAA says it intends to maintain a strong presence and an active role in the Jacksonville community, with the city serving as the combined bank's headquarters.

EverBank was founded more than 20 years ago.  It currently employs more than 1,600 in the NE Florida area.

"All of us at EverBank are extremely excited about the many new opportunities TIAA will bring for our clients, our associates and the communities we serve," said Rob Clements, EverBank chairman and chief executive officer. "Our two companies are a great match. We look forward to introducing our unique consumer and commercial banking products to the millions of individuals and the institutions that TIAA serves today, while enhancing the investment and retirement product offerings for our clients. We are also pleased to be joining a company with a long-term focus, a deep commitment to the communities in which it operates and a desire to grow our franchise. This truly is a great new chapter for all EverBank stakeholders."

TIAA intends to make EverBank part of its Retail Financial Services business.  In a written statement, TIAA says it envisions offering banking and lending core services to its over 5 million members and 16,000 institutional clients.

As for naming rights at the stadium, the Jaguars told WOKV: "We have not had any discussions on this subject and will need to learn more regarding their future branding plans before we will be in a position to comment".

The Jaguars and EverBank reached a 10-year naming rights renewal in 2014.