TIAA Sells TIAA Bank to Group of Private Investors; Bank Relaunches as EverBank
August 1, 2023
TIAA has completed the divestiture of TIAA Bank to a group of private investors (funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management). TIAA retains a non‑controlling ownership stake and a board seat while the bank, headquartered in Jacksonville, Florida, will operate under a new national bank charter and now does business as EverBank to pursue nationwide consumer and commercial banking growth.
- Buyers
- Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management
- Targets
- TIAA Bank (now EverBank)
- Sellers
- TIAA
- Industry
- Financial Services
- Location
- Florida, United States
- Transaction Type
- Divestiture
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