
: Everbank subsidiaries
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Everbank subsidiaries |
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American Bank
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Type | Subsidiary |
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Industry | Financial services |
Founded | 1918 |
Founder | Frank Trotter, Rob Foregger, Vincent Amato, and David Galland |
Headquarters | TIAA Bank Plaza 501 Riverside Ave Jacksonville, Florida |
Area served | Worldwide |
Key people | Thasunda Brown Duckett (CEO, TIAA), Steve Fischer(CEO, TIAA Bank) |
Products | Banking, Financial services |
Number of employees | 3,380 |
Parent | TIAA |
Website | TIAA Bank |
TIAA Bank is an American diversified financial services organization under the auspices of New York-based TIAA. Based in Jacksonville, Florida, TIAA Bank provides banking, mortgages, and investing services throughout the United States. The institution was formed through the combination of TIAA Direct, TIAA's former banking division, and EverBank. The new name became official on June 4, 2018, following EverBank's acquisition by TIAA in July 2017.[1]
TIAA was created in 1918 by Andrew Carnegie, a Scottish-American industrialist, business magnate, and philanthropist known for building Carnegie Hall in New York, NY.
TIAA reached a deal to buy EverBank for $2.5 billion in cash on August 8, 2016.[2] On June 12, 2017, the company officially became "TIAA FSB Holdings, Inc. formerly known as EverBank Financial Corp". Nearly a year later, TIAA began rebranding all of its banking activities under the TIAA Bank name on June 4, 2018.[1]
Since 2018, the bank has donated nearly 9 million dollars to over 100 charitable organizations based upon 4 main pillars: education, environment, hunger and community building. TIAA Bank has given support to organizations such as the following:
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.
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Corporate headquarters in the Brooklyn area of Downtown Jacksonville | |
Type | Subsidiary |
---|---|
Industry | Banking, Financial services |
Predecessors | First Alliance Bank |
Founded | Jacksonville, Florida, U.S. (October 1, 1998)[1] |
Founder | Frank Trotter, Rob Foregger, Vincent Amato, and David Galland |
Headquarters | EverBank Plaza U.S. |
Area served | Worldwide |
Key people | Steve Fischer (CEO) John Pataky, Head, Consumer and Commercial Banking Frank Ervin, CRO |
Products | Consumer banking, corporate banking, credit cards, finance and insurance, foreign currency exchange, investment banking, private equity, wealth management |
Revenue | ![]() |
Total assets | ![]() |
Total equity | ![]() |
Number of employees | 3700 |
Parent | TIAA |
Website | www.tiaabank.com |
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.[6] As of Everbank subsidiaries 4, 2018, EverBank Financial Corp is now known as TIAA Bank.[7]
While the roots of Everbank subsidiaries 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]
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 everbank subsidiaries certain cash levels due to the 2007 subprime mortgage financial crisis.[17]
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 Regions bank locations in tennessee because it would have been on the hook for approximately $12 million in losses had the currency what restaurants are open near me today on thanksgiving 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 everbank subsidiaries 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 Everbank subsidiaries Service (CDARS).[24] The institution refunds ATM fees paid by checking account holders.[24]
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 Everbank subsidiaries 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]
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]
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.
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