Bloomberg News says EverBank Financial exploring possible sale

[mtraininjax]

Everbank will be gone, no one retires from that level and the entity remains. I can think of 57.6 million reasons to leave too.

The fallout will be many more, such a shame too, but its just part of the banking world.

[spuwho]

Barnett Bank, repeat and rinse.

EverBank, repeat and rinse.

Who next?

[jaxlongtimer]

Everbank will be gone, no one retires from that level and the entity remains. I can think of 57.6 million reasons to leave too.

The fallout will be many more, such a shame too, but its just part of the banking world.

Such moves in the executive suite following an acquisition are not unusual.  The acquirer almost always inserts at least one of its own into a senior position of the acquired company to oversight their significant investment and to facilitate integration into their culture and strategic plans.  And, assuming any exiting executives received a significant payout related to a sale, many times they may wish to move on as the paycheck may not be as meaningful as new challenges or chapters in their life.  Note too, the release said Clements will remain on the EB board so it's not a complete break.  Wilson has been there a while and this shows a TIAA commitment to continuity of management for the most part. 

No one can predict the future but from sources I know,  I am gathering this will more than likely be a plus to Jax for the following reasons:

(1) These are tough times for banks between low interest rates (no chance to make the spreads they need to cover overhead and hit profit margins to give good ROI's), increased regulation, sluggish demand for loans, higher reserves, etc.  Everbank wouldn't be immune to such headwinds so having a giant, well capitalized, very stable TIAA behind them will better assure EB's future than going it alone.

(2) TIAA bought EB to grow it, not kill it.  They have said Jax will be the HQ's of their banking operations so growing that should benefit Jax.

(3) TIAA is based in NYC.  If they ultimately see what other NYC financial service companies have seen in Jax vs. NYC, one could reasonably expect one day they may move other TIAA jobs here.

On the whole, I see this a different scenario than Barnett.  But note, to this day, both Wells Fargo and Bank of America have significant operations in Jacksonville as a legacy of their acquisitions of area banks.  Admittedly, maybe not as good as when such banks were HQ'd here, but not a total zero either.  And, many of their former employees make up the desirable labor pool that has attracted other financial service opportunities to crop up in Jax that, today, may equal or exceed what was here prior.

Barnett Bank, repeat and rinse.

EverBank, repeat and rinse.

Who next?

As to who is next, not really anyone left to be acquired.  EB was the largest HQ'd bank left in Florida by a reasonably wide margin, as I recall.  Only thing left, is for a national firm with a big base in Jax to get swallowed up be an even bigger fish.  Not likely, after the last recession. 

By the way, we lost a long string of Jax HQ'd banks and savings and loans before and after Barnett (Florida National, Atlantic, First Federal, Duval Federal, State, St. Johns River, Jacksonville National, American National, Enterprise, American Federal, Fidelity Federal, etc.) and we have managed to survive and thrive.  I don't see the end of the world here .

[ProjectMaximus]

^Thanks for that insight! I will continue to hold optimism about what may come.
To the others' points, the TIAA banking director I know is still in a holding pattern about his relo to Jax, so I am afraid nothing is certain yet.

[Houseboat Mike]

Well it is official...closing day is tomorrow according to an email that was sent out yesterday.

[FlaBoy]

TIAA also announced that Blake Wilson, EverBank's president and chief operating officer, will serve as the new bank's president and CEO. Wilson has been a part of EverBank's executive team for the past 15 years. The combined TIAA and EverBank group has not yet been named.

Kathie Andrade, CEO of TIAA's retail financial services business, will serve as chairman of the board of the new bank. She will also continue in her role as CEO of TIAA's retail financial services.

[Houseboat Mike]

sorry- guess I should have clarified. TIAA is closing on the deal to acquire EB tomorrow. The Federal Board of Governors approved the deal on Wednesday, which was the last approval needed. 

[FlaBoy]

sorry- guess I should have clarified. TIAA is closing on the deal to acquire EB tomorrow. The Federal Board of Governors approved the deal on Wednesday, which was the last approval needed.

^ Thanks!

[martt12]

I wonder if the stadium will be getting a new name

[RattlerGator]

Haven't they already said they are leaving the EverBank name as the lead for this division?

[Houseboat Mike]

No, they haven't confirmed either way.

[FlaBoy]

No, they haven't confirmed either way.

They have to pay consultants a ton of money before they just decide to keep it.  We know it won't be TIAA Direct like the current name of their lending services.

[ProjectMaximus]

I wonder if the stadium will be getting a new name

Still a definite maybe.

No, they haven't confirmed either way.

They have to pay consultants a ton of money before they just decide to keep it.  We know it won't be TIAA Direct like the current name of their lending services.

Yep.

Blake Wilson, president and CEO of TIAA, FSB in Jacksonville since June and former president and COO of EverBank, said Friday research is ongoing to rebrand the company and the stadium.

https://www.jaxdailyrecord.com/article/everbank-field-may-get-new-name-early-in-2018

[KenFSU]

Everbank, and stadium, rebrand is 100% happening.

Despite what they say publicly, it's already been decided.

Look for it early next year.

[I-10east]

Que some people saying "It will always be 'blah blah blah' to me" or it should be an unrealistic non-corporate name like "Jaguar Stadium" or "Big Cat Field". Hopefully the name won't change, but I won't be surprised if it does. I can imagine that subsidiary names have been on stadiums before (since TIAA in the parent company).