TIAA Bank

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TIAA Bank
Company typeSubsidiary
IndustryFinancial services
Founded1918
FounderFrank Trotter
Rob Foregger
Vincent Amato
David Galland
HeadquartersTIAA Bank Center,
501 Riverside Ave, ,
Area served
Worldwide
Key people
Thasunda Brown Duckett (CEO, TIAA)
Steve Fischer (CEO, TIAA Bank)
ProductsBanking, Financial services
Number of employees
3,380
WebsiteTIAA Bank

TIAA Bank is an American diversified financial services organization under the auspices of New York–based TIAA. Based in Jacksonville, Florida, it provides banking, mortgages, and investing services throughout the United States.

Formed by the combination of TIAA Direct, TIAA's former banking division, and EverBank, the institution was renamed TIAA Bank on June 4, 2018, following TIAA's purchase of EverBank in July 2017.[1] However, in June 2023, the company renamed itself to EverBank.[2]

On August 1, 2023, TIAA announced that it has completed the sale of TIAA Bank to a group of investors. Then the finance company came to be known as EverBank.[3]

History[edit]

The Teachers Insurance and Annuity Association of America (TIAA) was created in 1918 by Andrew Carnegie, a Scottish-American industrialist, business magnate, and philanthropist known for building Carnegie Hall in New York City,[4] and for the 2,509 public and university libraries whose construction he funded across the U.S. and beyond.

TIAA reached a deal to buy EverBank for $2.5 billion in cash on August 8, 2016.[5] On June 12, 2017, the company officially became "TIAA FSB Holdings, Inc. formerly known as EverBank Financial Corp". On June 4, 2018, TIAA began rebranding all of its banking activities under the TIAA Bank name.[1]

On November 3, 2022, TIAA entered into an agreement to spin off TIAA Bank to private interests.[6] In late June 2023, TIAA Bank announced that it would revert back to using the EverBank name, at a date to be determined.[2]

Community involvement[edit]

Since 2018, the bank has donated nearly 9 million dollars to over 100 charitable organizations based upon four main pillars: education, environment, hunger and community building. TIAA Bank has given support to organizations such as the following:

Stadium sponsorship[edit]

Originally named Jacksonville Municipal Stadium, and later Alltel Stadium, the home of the Jacksonville Jaguars got a new name on the eve of the 2010 training camp, when EverBank Financial Corp and the Jaguars introduced EverBank Field on July 27, 2010. The partnership included a five-year naming rights agreement, which was extended by another 10 years in 2014. On June 4, 2018, EverBank became TIAA Bank and the stadium was renamed TIAA Bank Field.

See also[edit]

References[edit]

  1. ^ a b Gibbons, Timothy. "As TIAA Bank becomes official, merger 'favorable' to Jacksonville job market". bizjournals.com/jax. Jacksonville Business Journal. Retrieved 13 June 2018.
  2. ^ a b "TIAA Bank to become EverBank, a Brand Built on Legacy, Partnership and Forward-Looking Confidence". PR Newswire (Press release). June 23, 2023. Retrieved July 17, 2023.
  3. ^ "TIAA Completes Sale of TIAA Bank to Private Investors; Bank Now Doing Business as EverBank". PR Newswire. Retrieved 2023-09-05.
  4. ^ Lowell, Jim. "TIAA-CREF's 401(k) Options". Forbes. Retrieved 2022-01-18.
  5. ^ Ensign, Rachel Louise; Demos, Telis (8 August 2016). "TIAA to Buy EverBank for $2.5 Billion" – via Wall Street Journal.
  6. ^ TIAA. "TIAA Enters into Definitive Agreement to Sell TIAA Bank". www.prnewswire.com. Retrieved 2022-11-03.

External links[edit]