EverBank

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]

EverBank, now TIAA Bank
TypeSubsidiary
IndustryBanking, Financial services
PredecessorsFirst Alliance Bank
FoundedJacksonville, Florida, U.S.
(October 1, 1998)[1]
FounderFrank Trotter, Rob Foregger, Vincent Amato, and David Galland
Headquarters
EverBank Plaza
501 Riverside Ave
Jacksonville, Florida
,
U.S.
Area served
Worldwide
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
Revenue US$ 883.6 million (2013)[2]
Total assets US$ 18.2 billion (2013)[2]
Total equity US$ 1.5 billion (2013)[2]
Number of employees
3700
ParentTIAA
Websitewww.tiaabank.com

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.[6] As of June 4, 2018, EverBank Financial Corp is now known as TIAA Bank.[7]

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.[8] In 1998, Alliance Mortgage Company formed First Alliance Bank in Jacksonville, Florida. In 2001, First Alliance Bank acquired Marine National Bank, also of Jacksonville, Florida.[9] In 1999, Frank Trotter and partners led an investor group to found EverBank.[10]

The World Markets division of EverBank originated as a department of Mark Twain Bank, a St. Louis, Missouri, bank.[10] In 1997, Mark Twain Bank was acquired by Mercantile Bank.[11][12] EverBank acquired the world currency division from Mercantile Bank in April 1999.[13]

EverBank Center
Downtown Jacksonville

In 2001, Everbank was named 'Best of the Web' by Forbes.[14]

On November 5, 2002, First Alliance Bank acquired EverBank[15] and on February 2, 2004, the company took the name EverBank and EverHome.[16]

In May 2007, EverBank agreed to acquire NetBank's direct banking and small business financing divisions and mortgage servicing portfolio.[17] 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.[17]

Old EverBank logo

In 2008, Florida Trend magazine described EverBank as being one of the nation's largest online banks.[18]

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".[19] 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.[20] 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.[20] 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.[19]

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 "FDIC"), bringing its total assets to approximately $11.5 billion.[21]

In 2016, Everbank had a 4 out of 5 star rating from Bauer Financial.[22]

On June 9, 2017, TIAA, a financial services provider, announced the completion of its acquisition of EverBank Financial Corp and its wholly owned subsidiary EverBank.[6] The transaction was originally announced August 8, 2016.[4] On June 4, 2018, TIAA announced the launch of TIAA Bank, bringing together EverBank and TIAA Direct under a new name and brand.[7]

EverBank's products include high-interest checking, money market accounts and CDs, in addition to FDIC-Insured deposits denominated in foreign currency.[20][23] EverBank participates in the Certificate of Deposit Account Registry Service (CDARS).[24] The institution refunds ATM fees paid by checking account holders.[24]

Community involvement

EverBank/EverHome Mortgage has sponsored between 25[25] and 52[26] homes in the Jacksonville's Habitat for Humanity program (HabiJax), contributing more than $1 million since beginning the partnership in 1995.[25][27]

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.[28]

Everbank also had partnerships with University of North Florida.[29]

Jacksonville Jaguars
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.[30][31] The stadium has been known as EverBank Field since the 2010 season.[31]

On July 25, 2014, EverBank extended the naming rights of the stadium until 2024.[32]

On June 4, 2018, EverBank became TIAA Bank and the stadium was renamed to TIAA Bank Field.[33]

References
  1. "EverBank to go for $200 Million IPO". Seeking Alpha.
  2. "EverBank Financial Corp Announces Fourth Quarter 2012 Financial Results". EverBank.com. Archived from the original on June 20, 2013. Retrieved June 18, 2013.
  3. "FDIC: BankFind Details". FDIC. 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. Cannon, James. "TIAA announces acquisition of EverBank". Jacksonville Business Journal.
  6. Robinson, Will (9 June 2017). "It's official: TIAA completes acquisition of EverBank". Jacksonville Business Journal.
  7. Gibbons, Timothy (5 June 2018). "As TIAA Bank becomes official, merger 'favorable' to Jacksonville job market". Jacksonville Business Journal.
  8. Gilliam, Derek (11 August 2016). "What's next for EverBank — Inside the $2.5 billion sale". Jacksonville Business Journal.
  9. "Downtown Buildings Altered Beyond Recognition". 28 November 2011.
  10. Edwards, Greg (8 August 2016). "TIAA buys EverBank — both have St. Louis ties". St. Louis Business Journal. Retrieved 2020-09-20.
  11. McCarthy, Michael (1996-10-29). "Mercantile Bancorp. to Acquire Mark Twain for $792 Million". Wall Street Journal. ISSN 0099-9660. Retrieved 2020-09-21.
  12. Manning, Margie (18 August 2002). "The legacy of Mark Twain Bank". St. Louis Business Journal.
  13. Dornbrook, James (26 March 2014). "Florida bank establishes foothold in KC area". Kansas City Business Journal.
  14. "Everbank named 'Best of the Web' by Forbes". St. Louis Business Journal. 15 February 2001. Retrieved 2020-09-21.
  15. "Everbank acquired by Florida bank". St. Louis Business Journal. 6 November 2002.
  16. "Alliance Capital Partners takes EverBank name". St. Louis Business Journal. 3 February 2004.
  17. "EverBank cancels purchase of NetBank assets". Reuters. 2007-09-17. Retrieved 2020-09-21.
  18. Keller, Amy (September 1, 2008). "Florida Companies With Promise". Florida Trend.
  19. Asbury, Kyla (2014-11-14). "Ninth Circuit rules for EverBank didn't act in bad faith". Washington Examiner. Retrieved 2020-09-21.
  20. "Claim Over Icelandic Conversion Rate Revived". 31 October 2014. Archived from the original on 30 November 2014.
  21. Bandell, Brian (28 May 2010). "EverBank snags failed Bank of Florida". South Florida Business Journal.
  22. Lincoff, Nina (19 December 2016). "Bauer reveals the strongest South Florida banks – Database". South Florida Business Journal.
  23. Lorette, Kristie. "Highest Yield Money Market Accounts". Houston Chronicle. Retrieved 2020-09-21.
  24. Tarpley, Laura Grace. "TIAA Bank is a low-fee online bank that pays competitive rates on most of its accounts". Business Insider. Retrieved 2020-09-21.
  25. Moewe, M. (2006-04-19). "EverBank to donate $115,000 to HabiJax". Jacksonville Business Journal. Retrieved 2009-06-16.
  26. "EverBank swinging hammers for HabiJax". Jacksonville's Financial News & Daily Record. 2009-05-05. Retrieved 2009-06-16.
  27. Marbut, Max (2016-04-06). "Nonprofit news: EverBank, Jaguars building another home with HabiJax | Jax Daily Record". Jacksonville Daily Record - Jacksonville, Florida. Retrieved 2020-09-21.
  28. "Nonprofit News: Highlighting Jacksonville's Philanthropic Community | Jax Daily Record". Jacksonville Daily Record - Jacksonville, Florida. 2012-01-10. Retrieved 2020-09-21.
  29. Jones, Colleen (17 December 2015). "Local companies help UNF finance students enter the business world early". Jacksonville Business Journal.
  30. Heilman, Phillip. "New name for Jaguars' stadium: TIAA Bank Field". The Florida Times-Union. Retrieved 2020-09-21.
  31. Mitchell, Tia. "Jacksonville sweetens deal - by $4 million - for Jaguars' stadium agreement". The Florida Times-Union. Retrieved 2020-09-21.
  32. "EverBank, Jaguars extend stadium naming rights agreement". 2017-10-16. Archived from the original on 25 July 2014.
  33. "EverBank Field officially becomes TIAA Bank Field". Jaguars Wire. 2018-06-05. Retrieved 2020-09-21.
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