EverBank, now TIAA Bank, is an American diversified

financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...

company providing

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

ing,

mortgages A mortgage loan or simply mortgage (), in civil law jurisdicions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any ...

, and

investing Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...

services. It is based in

Jacksonville, Florida Jacksonville is a city located on the Atlantic coast of northeast Florida, the most populous city proper in the state and is the largest city by area in the contiguous United States as of 2020. It is the seat of Duval County, with which th ...

, U.S. It operates through standard banking offices and through its

Direct Banking A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct bank has no ...

division. EverBank Direct operates by

telephone A telephone is a telecommunications device that permits two or more users to conduct a conversation when they are too far apart to be easily heard directly. A telephone converts sound, typically and most efficiently the human voice, into e ...

mail The mail or post is a system for physically transporting postcards, letters, and parcels. A postal service can be private or public, though many governments place restrictions on private systems. Since the mid-19th century, national postal sys ...

, and over the

Internet The Internet (or internet) is the global system of interconnected computer networks that uses the Internet protocol suite (TCP/IP) to communicate between networks and devices. It is a '' network of networks'' that consists of private, p ...

. As of September 30, 2015, EverBank had approximately $25.2 billion in total assets. On August 8, 2016,

TIAA The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF), is a Fortune 100 financial services organization that is the leading provider of financial services in the academic, research ...

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, will see stockholders receive $19.50 per share in cash.

's acquisition of EverBank was complete on June 12, 2017. As of June 4, 2018, EverBank Financial Corp is now known as TIAA Bank.

History

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

. In 2001, First Alliance Bank acquired Marine National Bank, also of Jacksonville, Florida. In 1999, Frank Trotter and partners led an investor group to found EverBank. The World Markets division of EverBank originated as a department of Mark Twain Bank, a St. Louis, Missouri, bank. In 1997, Mark Twain Bank was acquired by Mercantile Bank. EverBank acquired the world currency division from Mercantile Bank in April 1999. EverBank Center 1

In 2001, Everbank was named 'Best of the Web' by ''

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...

''. On November 5, 2002, First Alliance Bank acquired EverBank and on February 2, 2004, the company took the name EverBank and EverHome. In May 2007, EverBank agreed to acquire

NetBank NetBank, formerly named Atlanta Internet Bank (1996) and Net.B@nk (1998), was a direct bank. Netbank suffered from bank failure and was closed by regulators on September 28, 2007. It deposits were acquired by ING Group and the Netbank.com doma ...

'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

had been unable to comply with provisions regarding certain cash levels due to the

2007 subprime mortgage financial crisis The United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the Financial crisis of 2007–2008, 2007–2008 global financial crisis. It was triggered by a large decline ...

.In 2008, ''

Florida Trend ''Florida Trend'' is a media company delivering business news and information across print and digital platforms. Florida Trend reports on all industry sectors, including health care, education, research and technology, finance, law, transporta ...

'' magazine described EverBank as being one of the nation's largest online banks. In 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". The lawsuit alleged that EverBank, against the instructions of its customers, closed the "CDs" at an unreasonable exchange rate, resulting in a loss of much of the "CD" purchasers' principal. Judge Richard Seeborg in San Jose granted EverBank summary judgment on all of the lawsuit's claims, finding that EverBank had the discretion to close the CDs because it would have been on the hook for approximately $12 million in losses had the currency not recovered. A federal appeals court remanded the case to district court in 2014 to determine if the bank breached the terms and conditions when it returned the value of the CDs to the class members. 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 from the

Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cr ...

(the "FDIC"), bringing its total assets to approximately $11.5 billion. In 2016, Everbank had a 4 out of 5 star rating from

Bauer Financial Bauer Financial (stylized as BauerFinancial) is a financial rating agency based in Coral Gables, Florida. Karen L. Dorway is the president of Bauer Financial. History Bauer Financial was founded in 1983, in Coral Gables, Florida, by Paul A. B ...

. On June 9, 2017,

, 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. On June 4, 2018, TIAA announced the launch of TIAA Bank, bringing together EverBank and TIAA Direct under a new name and brand. EverBank's products include high-interest checking, money market accounts and CDs, in addition to FDIC-Insured deposits denominated in foreign currency. EverBank participates in the Certificate of Deposit Account Registry Service (CDARS). The institution refunds ATM fees paid by checking account holders.

Community involvement

EverBank/EverHome Mortgage has sponsored between 25 and 52 homes in the Jacksonville's

Habitat for Humanity Habitat for Humanity International (HFHI), generally referred to as Habitat for Humanity or Habitat, is a US non-governmental, and nonprofit organization which was founded in 1976 by couple Millard and Linda Fuller. Habitat for Humanity is a C ...

program ( HabiJax), contributing more than $1 million since beginning the partnership in 1995. Everbank partnered with The Bridge of Northeast Florida for a year-round program called "Fast Path" that provided mentors, financial literacy classes and summer jobs to 15 students each years. Everbank also had partnerships with

University of North Florida The University of North Florida (UNF) is a public research university in Jacksonville, Florida. It is part of the State University System of Florida and is accredited by the Commission on Colleges of the Southern Association of Colleges and Sc ...

Jacksonville Jaguars

On July 26, 2010, the

Florida Times-Union ''The Florida Times-Union'' is a daily newspaper in Jacksonville, Florida, United States. Widely known as the oldest newspaper in the state, it began publication as the ''Florida Union'' in 1864. Its current incarnation started in 1883, when th ...

reported that EverBank purchased the naming rights to Jacksonville Municipal Stadium. The stadium has been known as EverBank Field since the 2010 season. On July 25, 2014, EverBank extended the naming rights of the stadium until 2024. On June 4, 2018, EverBank became TIAA Bank and the stadium was renamed to

TIAA Bank Field TIAA Bank Field is an American football stadium located in Jacksonville, Florida, that primarily serves as the home facility of the Jacksonville Jaguars of the National Football League (NFL) and the headquarters of the professional wrestling prom ...

References

External links

EverBank's WebsiteLawsuit WebsiteBank Profile at the FDIC (Cert. 34775)Summary of deposits
{{DEFAULTSORT:Everbank TIAA Former investment banks of the United States Companies listed on the New York Stock Exchange Financial services companies established in 1998 Banks established in 1998 Companies based in Jacksonville, Florida Online banking Defunct banks of the United States Banks based in Jacksonville, Florida 1998 establishments in Florida