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EverBank, now TIAA Bank
IndustryBanking, Financial services
PredecessorsFirst Alliance Bank
FoundedJacksonville, Florida, U.S.
(October 1, 1998)[1]
FounderFrank Trotter, Rob Foregger, Vincent Amato, and David Galland
EverBank Plaza
501 Riverside Ave
Jacksonville, Florida
Area served
Key people
Robert M. Clements (CEO)
W. Blake Wilson, COO
Gary A. Meeks, CRO
ProductsConsumer banking, corporate banking, credit cards, finance and insurance, foreign currency exchange, investment banking, mortgage loans, private equity, wealth management
RevenueIncrease US$ 883.6 million (2013)[2]
Total assetsIncrease US$ 18.2 billion (2013)[2]
Total equityIncrease US$ 1.5 billion (2013)[2]
Number of employees

EverBank, now TIAA Bank, is an American diversified financial services company providing banking, mortgages, and investing services. It is based in Jacksonville, Florida, U.S. It operates through standard banking offices and through its Direct Banking division. EverBank Direct operates by telephone, mail, and over the Internet. As of September 30, 2015, EverBank had approximately $25.2 billion in total assets.[3]

On August 8, 2016, TIAA reached a deal to buy EverBank for $2.5 billion in cash. This announcement, made around two weeks after EverBank stated it was in talks to be acquired,[4] will see stockholders receive $19.50 per share in cash.[5] TIAA's acquisition of EverBank was complete on June 12, 2017. As of June 4, 2018, the company is now known as TIAA Bank formerly known as EverBank Financial Corp.


While the roots of EverBank stretch back to 1961, the current incarnation was formed in 1994 when Chairman Robert Clements led an investor group in acquiring Jacksonville, Florida–based Alliance Mortgage Company. In 1998, Alliance Mortgage Company formed First Alliance Bank in Jacksonville, Florida, and shortly thereafter acquired Marine National Bank, also of Jacksonville, Florida. In parallel, Frank Trotter, Rob Foregger, Vincent Amato, and David Galland led another investor group to found EverBank as a national direct-to-consumer bank.

The World Markets division of EverBank originated as a department of Mark Twain Bank, a small St. Louis, Missouri, bank that founded the WorldCurrency(sm) service in 1986. In April 1997 Mark Twain Bank was acquired by Mercantile Bank. EverBank acquired the world currency division from Mercantile Bank in April 1999. EverBank World Markets is still located in Brentwood, Missouri, a St. Louis suburb and provides certificate of deposit (CD) accounts in euros and other non–U.S. dollar currencies.

EverBank also has a stock brokerage affiliate called EverTrade Direct Brokerage, also located in Brentwood, that provides conventional stock, bond, and exchange-traded fund (ETF) broker services for buying and selling publicly traded securities.

Old EverBank logo

On November 5, 2002, First Alliance Bank acquired EverBank and on February 2, 2004, the company took the name EverBank and EverHome for its consumer-facing operations.

On May 21, 2007, EverBank agreed to acquire NetBank's direct banking and small business financing divisions and mortgage servicing portfolio. On 17 September 2007, Everbank announced that it was terminating this agreement, claiming that NetBank had been unable to comply with provisions regarding certain cash levels due to the 2007 subprime mortgage financial crisis.

In 2008, Florida Trend magazine described EverBank as being one of the nation's largest online banks.[6]

EverBank's products include high-interest checking, money market accounts and CDs in addition to a suite of FDIC-Insured deposits denominated in foreign currency. EverBank participates in the Certificate of Deposit Account Registry Service (CDARS).[7] The institution neither owns nor operates any ATMs, so they will refund ATM fees paid by checking account holders who maintain a balance of $5000 or more in their account.[8] Everbank may have been the first non-military, non-community bank offering deposits by check scanning for consumers.[9]

On May 28, 2010, EverBank announced that it had acquired all the deposits, substantially all of the assets, and certain liabilities of the Bank of Florida – Southwest, Bank of Florida – Southeast, and Bank of Florida – Tampa Bay (collectively "Bank of Florida") from the Federal Deposit Insurance Corporation (the "FDIC"), bringing its total assets to approximately $11.5 billion.[10]

On June 12, 2017, TIAA, a financial services provider, announced the completion of its acquisition of EverBank Financial Corp and its wholly owned subsidiary EverBank. The transaction was originally announced August 8, 2016.[citation needed] On June 4, 2018 TIAA announced the launch of TIAA Bank, bringing together EverBank and TIAA Direct under a new name and brand.[citation needed]


On April 24, 2009, a class action lawsuit was filed against EverBank in the Superior Court of California on behalf of purchasers of the bank's Icelandic Krona foreign currency denominated "CDs" as a result of that country's financial collapse of 2008. The lawsuit alleges that EverBank, against the instructions of its customers, closed the "CDs" at a commercially unreasonable exchange rate far below those published by financial institutions and currency exchanges, resulting in a loss of much of the "CD" purchasers' principal.[11] On July 8, 2009, EverBank's Executive Vice President, Frank Trotter filed a declaration to the court in response to the lawsuit. In the declaration, Trotter admitted that a total of 225 investors lost $4,007,662.81 as a result of Everbank's forced closing of their Icelandic Krona denominated "CDs". That averages out to a loss of about $18,000 per account.[12]

"U.S. District Judge Richard Seeborg in San Jose granted EverBank summary judgment on all of Vathana's claims, finding, among other things, that EverBank had the discretion to close the CDs because it would have been on the hook for some $12 million in losses had the currency not recovered."[13]

Trotter went on to disclose, based on currency variation, that when investments in all of EverBank's WorldCurrency CDs (including those denominated in foreign currencies other than the Icelandic Krona) are taken into account, investors suffered a net loss amounting to almost $50 million over the past four years.[13]

Community involvement[edit]

EverBank/EverHome Mortgage has sponsored between 25[14] and 52[15] homes in the Jacksonville's Habitat for Humanity program (HabiJax), contributing between $1 million and $1.93 million, and 28,000 employee volunteer hours.

EverBank also supports the following organizations:[16]

Jacksonville Jaguars[edit]

Everbank Field showing the EverBank signage

On July 26, 2010, the Florida Times-Union reported that EverBank purchased the naming rights to Jacksonville Municipal Stadium. The stadium had not had a sponsor since the end of the 2006 NFL season when the prior contract with Alltel expired. The stadium has been known as EverBank Field since the 2010 season.[17]

The exclusive five-year agreement included EverBank's designation as the official bank of the Jaguars, promotions within Jaguars' game telecasts and a variety of other media rights to the Jaguars and EverBank Field marks, prominent signage in the stadium and elsewhere in Jacksonville, business presence at Jaguars' home games – including EverBank ATMs at the venue for use by fans – and various community outreach initiatives.

Located at One EverBank Field Drive on the shores of the St. Johns River in Jacksonville, EverBank Field is the 67,246-seat home stadium of the National Football League's Jacksonville Jaguars. In 2005, the stadium served as the host site of Super Bowl XXXIX.[18]

On July 25, 2014, EverBank extended the naming rights of the stadium until 2024.[19]

On June 4, 2018, EverBank became TIAA Bank and the stadium was renamed to TIAA Bank Field.



  1. ^ "EverBank to go for $200 Million IPO". Seek Alpha. Missing or empty |url= (help)
  2. ^ a b c "EverBank Financial Corp Announces Fourth Quarter 2012 Financial Results". Archived from the original on June 20, 2013. Retrieved June 18, 2013.
  3. ^ "FDIC: BankFind Details". Retrieved 2016-01-08.
  4. ^ Ensign, Rachel Louise; Demos, Telis (8 August 2016). "TIAA to Buy EverBank for $2.5 Billion" – via Wall Street Journal.
  5. ^ TIAA announces acquisition of EverBank Jacksonville Business Journal
  6. ^ Keller, Amy: "Florida Companies With Promise" Florida Trend, September 1, 2008
  7. ^ "CDARS.COM – Institution Locator by Name". Archived from the original on 2011-07-08. Retrieved 2009-06-17.
  8. ^ – Best of the Web award in the Banking section
  9. ^ "Deposit Checks Online With Your Scanner - BankFox". Archived from the original on 2009-07-27. Retrieved 2009-08-05.
  10. ^ EverBank Acquired Bank of Florida
  11. ^ "EverBank Class Action Lawsuit".
  12. ^ "CaseNotes2".
  13. ^ a b [1]
  14. ^ Moewe, M. (2006-04-19). "EverBank to donate $115,000 to HabiJax". Jacksonville Business Journal. Retrieved 2009-06-16.
  15. ^ "EverBank swinging hammers for HabiJax". Jacksonville's Financial News & Daily Record. 2009-05-05. Retrieved 2009-06-16.
  16. ^ "Corporate Philanthropy"
  17. ^ Mitchell, Tia:"Jacksonville sweetens deal – by $4 million – for Jaguars’ stadium agreement" Florida Times-Union, July 26, 2010
  18. ^ a b "EverBank and Jacksonville Jaguars Launch Milestone Strategic Partnership", July 27, 2010
  19. ^ EverBank, Jaguars extend stadium naming rights agreement Archived 2017-10-16 at the Wayback Machine The Jaguars, 25 July 2014

External links[edit]