Hmm..... :-\
http://www.jaxdailyrecord.com/showstory.php?Story_id=548002
Most likely bad news...
JP Morgan bAby
welp
QuoteBank said to hire adviser after getting interest from suitor
Florida bank has a market valuation of about $1.9 billion
EverBank Financial Corp., the largest bank based in Florida by deposits, is exploring a sale after receiving interest from a potential suitor, according to people familiar with the matter.
The Jacksonville-based lender has been working with UBS Group AG to solicit offers from possible buyers, said the people, who asked not to be identified because the matter is not public. EverBank began working with UBS to gauge interest in a sale within the last two months, after receiving an unsolicited approach, the people said.
No deal has been reached and EverBank may decide to remain independent, they said. Shares rose as much as 12 percent and were trading 7 percent higher at 10.58 a.m. in New York, giving the bank a market valuation of about $2.1 billion.
Representatives for EverBank and UBS declined to comment.
Mergers involving small and mid-sized banks have been accelerating, as regional lenders seek scale to better cope with higher regulatory costs and low interest rates. F.N.B. Corp. agreed to buy Yadkin Financial Corp. for about $1.4 billion last week, while Canadian Imperial Bank of Commerce agreed to buy Chicago-based PrivateBancorp Inc. for $3.8 billion last month.
EverBank, which went public in 2012, provides personal and business loans across the U.S., and also operates a wealth-management division. It is primarily an online bank, with just 12 branches as of June 2015, according to the latest data from the Federal Deposit Insurance Corp. It made two acquisitions worth almost $3 billion combined in 2012, buying a warehouse finance business from MetLife Inc. and a commercial-property lending business from General Electric Co.
EverBank was the the largest Florida-based lender based on deposits as of June 2015, according to the FDIC data.
EverBank was among a number of small banks that raised money from private equity firms after the financial crisis to stabilize balance sheets. Its two largest investors are buyout firms Sageview Capital, which held more than 8 percent of its outstanding common shares as of March 15, and funds managed by TPG Capital, which held about 7 percent, according to its latest proxy filing.
Before it's here, it's on the Bloomberg Terminal. LEARN MORE
http://www.bloomberg.com/news/articles/2016-07-25/everbank-financial-said-to-work-with-ubs-to-explore-sale (http://www.bloomberg.com/news/articles/2016-07-25/everbank-financial-said-to-work-with-ubs-to-explore-sale)
Very bad news for Jacksonville and especially downtown......if they are purchased most of the bank will just be absorbed and most of the jobs in Jacksonville will be eliminated........
I think the Bold Bean downtown is the least of the worries on this one.
Maybe, just maybe, it is a large international bank similar to Deutche looking to secure a main US location outside of NYC...OR a large US Bank looking to establish a secondary employment center outside of its primary location (NYC, San Francisco, etc) for cheaper labor.
It could be a non-bank acquirer. For example, Amazon is moving into offering student loans. From what I have read, this could be their first foray into a bigger plan of offering financial services. Everbank's concentration in internet banking and mortgage lending could play well into such a vision. If it was a non-bank acquirer, Jax could actually end up being the HQ's for a substantial expansion of Everbank with the resources of a larger parent company. Witness the acquisition of Alltel's Information Systems by Fidelity. We have 3 Fortune 500 HQ's out of that one :).
^ We can only hope!
It could be a bank that wants to expand here due to Brexit. Speculation is cheap!
"Amazon Field"
"Google Field"
"Discover Financial Field"
"BB&T Field"
Chase, BAC, PNC, M&T already have fields named for them.
Doesn't bode well for the Jax jobs if true.
Someday there will just be one big bank, completely backed by the government because it is too big to fail. Yay capitalism! ::)
Quote from: spuwho on July 25, 2016, 06:31:56 PMChase, BAC, PNC, M&T already have fields named for them.
Didn't stop the American Airlines Arena in Miami and American Airlines Center in Dallas ;D
QuoteIt could be a non-bank acquirer. For example, Amazon is moving into offering student loans. From what I have read, this could be their first foray into a bigger plan of offering financial services. Everbank's concentration in internet banking and mortgage lending could play well into such a vision. If it was a non-bank acquirer, Jax could actually end up being the HQ's for a substantial expansion of Everbank with the resources of a larger parent company. Witness the acquisition of Alltel's Information Systems by Fidelity. We have 3 Fortune 500 HQ's out of that one :)
Another possibility: The people bringing you Quicken Loans. Another tech company diversifying into financial services :).
I hope it's not a Gilbert owned company. Those jobs would be drained out of Jax and inserted into Detroit overnight.
From Wikipedia article about Gilbert:
QuoteDetroit initiatives
Quicken Loans moved its headquarters and 1,700 of its team members to downtown Detroit in August 2010, where Gilbert and the company are helping lead a revitalization of Detroit's urban core. Today, Gilbert-owned businesses employ 12,000 people in the city.
In 2011, Gilbert's Rock Ventures group purchased several buildings in downtown Detroit, including the historic Madison Theatre Building, Chase Tower and Two Detroit Center (parking garage), Dime Building (renamed Chrysler House), First National Building and three smaller buildings on Woodward Avenue. In 2012, Rock Ventures (the umbrella entity formed to provide operational coordination, guidance and integration of Gilbert's portfolio of companies, investments and real estate) purchased the former Federal Reserve Bank of Chicago Detroit Branch Building, One Woodward Avenue, 1201 Woodward (Kresge Building), and five smaller buildings on Woodward Avenue and Broadway Street, totaling 630,000 square feet of commercial space in downtown Detroit. In 2013, Rock Ventures purchased the 1001 Woodward office tower, several smaller buildings in the downtown area and announced, along with The Downtown Detroit Partnership and the Detroit Economic Growth Group, a placemaking plan for revitalizing Detroit's urban core.
Rock Ventures' downtown Detroit real estate investments include more than 60 properties (buildings and/or store fronts) totaling 9 million square feet. Four million square feet is commercial space; another 3.6 million square feet is parking (10,096 parking spaces).
In 2015, he purchased Book Tower in Detroit, MI.
In September 2013, Gilbert was named co-chair of the Blight Removal Task Force. The group, appointed by the Obama Administration, published a detailed plan in May 2014 to remove all blighted structures and lots in the City of Detroit.
Looks like he has almost single-handedly revived downtown Detroit. Would be amazing to see someone do that in Jax :)? Maybe Everbank didn't like the "offer" from whomever has already approached it - aside from price - possibly related to moving it out of Jax?
Another section shows some possible overlaps with Everbank's business and its interest in sports:
QuoteGilbert is a founding partner in private equity group Rockbridge Growth Equity LLC (RBE). The partnership invests in growing businesses in the financial services, Internet technology, consumer-direct marketing, and the sports and entertainment industries. RBE has significant investments in Gas Station TV,[19] Robb Report,[20] RapidAdvance,[21] Northcentral University, Protect America, AccountNow, Purchasing Power, Triad Retail Media, One on One Marketing, and Connect America.[22][23
^Gilbert is from Detroit. That's why he's funneling money into that town and moving all his companies to downtown. He has no civic connection to Jax. He's their sugar daddy.
Quote from: jaxlongtimer on July 25, 2016, 09:16:58 PM
QuoteIt could be a non-bank acquirer. For example, Amazon is moving into offering student loans. From what I have read, this could be their first foray into a bigger plan of offering financial services. Everbank's concentration in internet banking and mortgage lending could play well into such a vision. If it was a non-bank acquirer, Jax could actually end up being the HQ's for a substantial expansion of Everbank with the resources of a larger parent company. Witness the acquisition of Alltel's Information Systems by Fidelity. We have 3 Fortune 500 HQ's out of that one :)
Another possibility: The people bringing you Quicken Loans. Another tech company diversifying into financial services :).
Quicken Loans has no relationship to Intuit or the Quicken personal finance products.
Intuit at one time brokered loans successfully but spun off the lending division completely, hence the name.
The Intuit Commercial Software division is still based in the Cleveland area after the Quicken Loans Group was spun off.
They produce a portfolio of commercial accounting products for business, but it is not where Quick Books is developed.
According to the email we got this morning they are in advanced negotiations with a well respected financial services firm.
I know I'm probably in the minority here, but I have absolutely no interest in having "Everbank: A division on Amazon" or anything like that. I would much rather keep the independent corporate headquarters, but it doesn't look like that's going to happen. 1 step forward, 3 steps back. Same old tune for Jacksonville.
It is UBS
http://www.bloomberg.com/news/articles/2016-07-25/everbank-financial-said-to-work-with-ubs-to-explore-sale
(http://www.bloomberg.com/news/articles/2016-07-25/everbank-financial-said-to-work-with-ubs-to-explore-sale)
Quote from: thelakelander on July 25, 2016, 10:54:27 PM
^Gilbert is from Detroit. That's why he's funneling money into that town and moving all his companies to downtown. He has no civic connection to Jax. He's their sugar daddy.
Yes, but I do not think he does it entirely out of altruism, which is perfectly fine. Hopefully, he sees similar opportunities in Jax as he does in Detroit if he is Everbank's buyer (which it appears he is not, sadly).
http://www.detroitnews.com/story/business/2016/04/28/dan-gilbert-bedrock-downtown-detroit-buildings/83681698/ (http://www.detroitnews.com/story/business/2016/04/28/dan-gilbert-bedrock-downtown-detroit-buildings/83681698/)
The great thing is that he is able to do things on a great scale but this also means that if the whole area is revitalized, his properties' value increases so he profits, as he should.
In Jax I have a feeling that you have many speculators sitting on land waiting for someone else to move first allowing them to profit from others' investments. In the mean time, the grass on the empty lots grows thicker and the remaining buildings deteriorate.
Quote from: JeffreyS on July 26, 2016, 07:43:19 AM
It is UBS
http://www.bloomberg.com/news/articles/2016-07-25/everbank-financial-said-to-work-with-ubs-to-explore-sale
(http://www.bloomberg.com/news/articles/2016-07-25/everbank-financial-said-to-work-with-ubs-to-explore-sale)
From the article, UBS is not the buyer but rather helping facilitate the deal.
QuoteThe Jacksonville-based lender has been working with UBS Group AG to solicit offers from possible buyers...
I wouldn't get my sugar daddy hopes up with Gilbert (if he were the buyer). With that said, Jax's urban core is on the verge of a multifamily residential development boom. Most of the projects are new construction and aren't asking for incentives. I'm working on a story about this topic now.
While stranger things have happened (Fidelity moved here after buying Alltel Information Services), I think the best we can reasonably hope for is for the buyer to be a company that recognizes the cost of doing business in Jacksonville and keeps the employment base here. I think it's going to be MUCH tougher on the exec team. If I remember right, EverBank got a good deal on the lease at 301 W Bay in exchange for a decent length of the lease.
It won't be another bank. If you are in the financial world (I am), you know there is no value to another bank to purchase Everbank. As the latest article states, it is a "well-respected financial services company." More than likely an insurance-related company than wants to diversify and is probably going to keep the name as it is already heavily-branded. The new owner will want to just have it in it's portfolio since EB is a profitable company. Some changes in the top of house potentially, but if it ain't broke, don't fix it. Just buy it and let it continue on being profitable. I don't see EverBank Field losing it's name anytime soon simply because I don't think the new owner will change the name. I do find it interesting that the new owner wants to call the shares and make it private again, though.
Just my .02 worth.
Quote from: menace1069 on July 26, 2016, 11:23:52 AM
It won't be another bank. If you are in the financial world (I am), you know there is no value to another bank to purchase Everbank. As the latest article states, it is a "well-respected financial services company." More than likely an insurance-related company than wants to diversify and is probably going to keep the name as it is already heavily-branded. The new owner will want to just have it in it's portfolio since EB is a profitable company. Some changes in the top of house potentially, but if it ain't broke, don't fix it. Just buy it and let it continue on being profitable. I don't see EverBank Field losing it's name anytime soon simply because I don't think the new owner will change the name. I do find it interesting that the new owner wants to call the shares and make it private again, though.
Just my .02 worth.
To me that narrows down the choices. It is probably a non publicly traded company.
QuoteMaybe, just maybe, it is a large international bank similar to Deutche looking to secure a main US location outside of NYC
Doubtful its Deutche bank, they are in free-fall after their latest earnings report and not looking strong at all. http://www.cnbc.com/2016/07/27/deutsche-bank-says-q2-revenues-were-74-billion-euros-down-20-versus-second-quarter-of-2015.html (http://www.cnbc.com/2016/07/27/deutsche-bank-says-q2-revenues-were-74-billion-euros-down-20-versus-second-quarter-of-2015.html)
QuoteNews of the potential acquisition Tuesday came as EverBank also reported a sharp drop in second-quarter earnings. Profit fell to $21.6 million, or 15 cents a share, compared with a profit of $41.6 million, or 31 cents a share, a year prior. Excluding one-time items, earnings were 32 cents a share. Revenue fell 22% to $196.6 million as a gain in net interest income was offset by a decline in noninterest income because of mortgage servicing amortization and losses in loan servicing. Total loan originations fell 11% to $3.08 billion. The company revealed the negotiations as it announced a 51 per cent decline in revenues in the second quarter compared with the same period last year.
Falling revenue is consistent with the financials, as interest rates are not helping their bottom lines, and with so many providers of loans, and Everbank with such a conservative view of its loan portfolio, it may be missing the "frothy loan market" as we see fewer and fewer high quality-conservative loans. Many small and medium sized banks are being snapped up by fellow "financial services" as they are cheap now and will eventually come back as profitable.
Unless the fellow-Financial Services firm is in Jacksonville, look for Charlie Rice's ghost to be seen around the Everbank halls as the name and brand will surely set sail out of Jacksonville at some point in the future.
Quote from: mtraininjax on July 27, 2016, 05:06:20 AM
QuoteMaybe, just maybe, it is a large international bank similar to Deutche looking to secure a main US location outside of NYC
Doubtful its Deutche bank, they are in free-fall after their latest earnings report and not looking strong at all. http://www.cnbc.com/2016/07/27/deutsche-bank-says-q2-revenues-were-74-billion-euros-down-20-versus-second-quarter-of-2015.html (http://www.cnbc.com/2016/07/27/deutsche-bank-says-q2-revenues-were-74-billion-euros-down-20-versus-second-quarter-of-2015.html)
QuoteNews of the potential acquisition Tuesday came as EverBank also reported a sharp drop in second-quarter earnings. Profit fell to $21.6 million, or 15 cents a share, compared with a profit of $41.6 million, or 31 cents a share, a year prior. Excluding one-time items, earnings were 32 cents a share. Revenue fell 22% to $196.6 million as a gain in net interest income was offset by a decline in noninterest income because of mortgage servicing amortization and losses in loan servicing. Total loan originations fell 11% to $3.08 billion. The company revealed the negotiations as it announced a 51 per cent decline in revenues in the second quarter compared with the same period last year.
Falling revenue is consistent with the financials, as interest rates are not helping their bottom lines, and with so many providers of loans, and Everbank with such a conservative view of its loan portfolio, it may be missing the "frothy loan market" as we see fewer and fewer high quality-conservative loans. Many small and medium sized banks are being snapped up by fellow "financial services" as they are cheap now and will eventually come back as profitable.
Unless the fellow-Financial Services firm is in Jacksonville, look for Charlie Rice's ghost to be seen around the Everbank halls as the name and brand will surely set sail out of Jacksonville at some point in the future.
Why would you assume immediately that the brand would leave Jax? It is entirely possible that they would be acquired and held as a wholly owned subsidiary, and other than top level management changes, nothing would change.
QuoteWhy would you assume immediately that the brand would leave Jax?
Track record. Barnett, a major powerhouse bank of Florida, left when Rice sold out to Nationsbank.
Many small regional banks Jacksonville Bank, Florida National Bank, Ameris, Atlantic Coastline, and other credit unions remain, but nothing is the same powerhouse as Everbank, unless you look at Vystar.
Vystar is really the exception to the rule, but they used to be Jax Navy FCU and used to really cater to Navy, which Jax has a huge presence, obviously.
Ameris has been slowly adding more operations, nice to see that even though they have their charter in GA, they have moved into downtown and are growing their business, buying Jacksonville Bank as well as a bank in Gainesville.
It really depends on who buys them
- if the buyer is another retail bank, then that's not good.
- if the buyer is a financial organization that doesn't have a retail banking component, it seems like EverBank would become a subsidiary of some other company, but still largely look the same day to day.
^No offense, but this is totally wrong.
Great businesses, like those on the market for $2.5 billion, develop strong brands, and Everbank is no different.
The company has done a fantastic job over the last 10 years establishing its brand, and I can guarantee you that whoever is planning to acquire Everbank has gone to great lengths to quantify Everbank's brand equity.
Brand isn't some silly buzzword. The experience of engaging with a company has become a legitimate, increasingly huge driver of business and acquisition.
(http://thestudioexec.com/wp-content/uploads/2015/03/547e59f63e343.jpg)
Everbank is not a brand. Russell is an example of a brand. Despite our laws and court rulings, companies are not people. Don't conflate.
Well, it seems discussions are much further along than the new lets on. I am hearing rumors that the process for selling the naming rights to Everbank Field are already getting under way.
It seems the acquirer is not interested in retaining the naming rights to the stadium.
aren't rumors fun?
lol I'll just add to the hearsay/grapevine listening...I know an exec in the process of relocating to Jax to for everbank. We never discussed any potential acquisition/merger at all but he says he should know if he's taking the job in the next couple weeks. Best case he is part of the acquiring company and they're keeping operations in jax. Worst case at least it's not a done deal if they're potentially relocating an exec to the area.
OMG this is hilarious... They are obviously not taking into consideration it may not be a bank. The fact it is an all cash offer makes me think it may not be a publicly traded company at all. Did this guy just call them or what?
http://www.wokv.com/news/news/local/sale-jacksonville-based-everbank-unlikely-near-fut/nr8qd/
Quote from: jlmann on August 03, 2016, 09:29:39 AMjust curious mike, who could you see buying it besides a bank? seems it must at least be a financial co. of some variety
Dow Jones is reporting the potential buyer is TIAA-CREF.
http://www.bloomberg.com/news/articles/2016-08-03/tiaa-in-talks-to-acquire-everbank-for-2-5-billion-reuters-says
Not good. They have a major office in Charlotte and Dallas...
Quote from: FlaBoy on August 03, 2016, 10:18:15 AM
http://www.bloomberg.com/news/articles/2016-08-03/tiaa-in-talks-to-acquire-everbank-for-2-5-billion-reuters-says
Not good. They have a major office in Charlotte and Dallas...
It actually may make a good fit. Everbank's banking operations are mostly online and the banking services really were an add on to mortgage origination and servicing. Personally, I dont see the wholesale loss of jobs if they are indeed the acquirer.
Quote from: icarus on August 03, 2016, 10:40:29 AM
Quote from: FlaBoy on August 03, 2016, 10:18:15 AM
http://www.bloomberg.com/news/articles/2016-08-03/tiaa-in-talks-to-acquire-everbank-for-2-5-billion-reuters-says
Not good. They have a major office in Charlotte and Dallas...
It actually may make a good fit. Everbank's banking operations are mostly online and the banking services really were an add on to mortgage origination and servicing. Personally, I dont see the wholesale loss of jobs if they are indeed the acquirer.
+1
Quote from: Houseboat Mike on August 03, 2016, 10:43:36 AM
Quote from: icarus on August 03, 2016, 10:40:29 AM
Quote from: FlaBoy on August 03, 2016, 10:18:15 AM
http://www.bloomberg.com/news/articles/2016-08-03/tiaa-in-talks-to-acquire-everbank-for-2-5-billion-reuters-says
Not good. They have a major office in Charlotte and Dallas...
It actually may make a good fit. Everbank's banking operations are mostly online and the banking services really were an add on to mortgage origination and servicing. Personally, I dont see the wholesale loss of jobs if they are indeed the acquirer.
+1
Not the wholesale, but Everbank has had a huge presence in this community. I promise you that will not continue in the same way. There will also not be executive or high earnings jobs here unless they move all of their operations from their already started competitor here.
Quote from: jlmann on August 03, 2016, 11:58:50 AM
if its TIAA they're buying it for the online banking infrastructure and do not give a rip about Jax, despite whatever the first press release says.
if they can operate everbanks banking platform from somewhere cheaper, they will. almost certainly wont be any execs around here in 2-3 years so I imagine they'll look to ditch the riverside offices. but hey maybe downtown jax is the best fit, and its all fret for not. but unfortunately since they have no loyalty to jax I imagine they'll go get a better incentive package from another metro and either move, or put a gun to our heads to match the highest offer.
I do seem to recall that everbank signed leases on both those locations somewhat recently, but how does that work MJ RE professionals?Generally speaking- if acquirer wants to, how difficult to is it to get out of a lease under these circumstances? is there a m&a escape clause ever?
Well, Everbank owns the building on Riverside and has a relatively long term lease in DT. That may help keep TIAA around and using this as the base for this type of banking. Who knows though.
They don't own the building on riverside, RAP does.
TIAA linked to talks for Jacksonville-based EverBank
http://jacksonville.com/business/2016-08-05/story/tiaa-linked-talks-jacksonville-based-everbank (http://jacksonville.com/business/2016-08-05/story/tiaa-linked-talks-jacksonville-based-everbank)
TIAA just purchased NUVEEN for the retirees. TIAA has a warchest of 867 billion sitting on the sidelines, and needs to be put to work. Staggering size of this monster.
QuoteTIAA has a warchest of 867 billion sitting on the sidelines, and needs to be put to work. Staggering size of this monster.
To be clear, the article says TIAA has $861 billion under management. That's not TIAA's money, those funds belong to its customers who have entrusted TIAA to hold/invest it for them. Without reviewing TIAA's balance sheet, we don't know what their potential war chest (= free cash on hand + borrowing abilities) really is. Needless to say, it's obvious it's substantial.
FYI, if you look at what appears to be the parent company's balance sheet filed (https://www.tiaa.org/public/pdf/TIAAQuarterlyStatementMarch2016.pdf (https://www.tiaa.org/public/pdf/TIAAQuarterlyStatementMarch2016.pdf)) with the State of New York in March (they apparently are, first and foremost, a life insurance company, now diversified into pension and mutual fund management, banking, etc.), they have a net worth of around $35 billion. For calendar year 2015, it appears they made a profit of $1.2 billion. Not bad for a "non-profit" :).
It's official...
http://www.marketwatch.com/story/tiaa-to-buy-everbank-for-25-billion-2016-08-08
Business Journal reporting Jacksonville will be the combined bank's headquarters.
Quote from: Steve on August 08, 2016, 08:34:12 AM
Business Journal reporting Jacksonville will be the combined bank's headquarters.
Not entirely surprised but very glad to hear. Everbank has the traditional banking and loan origination and servicing that they did not have yet.
Quote from: Steve on August 08, 2016, 08:34:12 AM
Business Journal reporting Jacksonville will be the combined bank's headquarters.
What does that mean exactly? The functions of Everbank are just staying here or their other banking services (if there are some) will be moved here?
Quote from: FlaBoy on August 08, 2016, 09:07:30 AM
Quote from: Steve on August 08, 2016, 08:34:12 AM
Business Journal reporting Jacksonville will be the combined bank's headquarters.
What does that mean exactly? The functions of Everbank are just staying here or their other banking services (if there are some) will be moved here?
They will probably move the TIAA Direct down to Jax. That is TIAA's bank name now.
Quote from: FlaBoy on August 08, 2016, 09:07:30 AM
Quote from: Steve on August 08, 2016, 08:34:12 AM
Business Journal reporting Jacksonville will be the combined bank's headquarters.
What does that mean exactly? The functions of Everbank are just staying here or their other banking services (if there are some) will be moved here?
I would assume it means any banking functions currently part of the TIAA company will be merged with the current Everbank operations and all of the combined companies 'banking' functions will be headquartered here in Jax. I have no idea how much TIAA has in this area currently but with a company that size i would think even if a small portion of their overall operation it could still be fairly substantial.
http://www.businesswire.com/news/home/20160808005490/en/TIAA-Enters-Definitive-Agreement-Acquire-EverBank
Looks like the combined bank's HQ will stay in Jacksonville..
^Likely just the combined "bank's" headquarters. Banking is one division of TIAA.
Now, if TIAA moved their entire operation to Jax, then that would be an amazing thing. To be clear I'm not saying I've read that - that is how rumors get started.
Quote from: Steve on August 08, 2016, 09:32:57 AM
^Likely just the combined "bank's" headquarters. Banking is one division of TIAA.
Now, if TIAA moved their entire operation to Jax, then that would be an amazing thing. To be clear I'm not saying I've read that - that is how rumors get started.
Good call on "bank" using the quotations.. otherwise ya.. rumors..
Quote from: Snufflee on August 08, 2016, 09:30:16 AM
http://www.businesswire.com/news/home/20160808005490/en/TIAA-Enters-Definitive-Agreement-Acquire-EverBank
Looks like the combined bank's HQ will stay in Jacksonville..
Which could still be very great because I doubt this is the only banking asset TIAA is pursuing.
Quote from: edjax on August 08, 2016, 09:19:04 AM
Quote from: FlaBoy on August 08, 2016, 09:07:30 AM
Quote from: Steve on August 08, 2016, 08:34:12 AM
Business Journal reporting Jacksonville will be the combined bank's headquarters.
What does that mean exactly? The functions of Everbank are just staying here or their other banking services (if there are some) will be moved here?
I would assume it means any banking functions currently part of the TIAA company will be merged with the current Everbank operations and all of the combined companies 'banking' functions will be headquartered here in Jax. I have no idea how much TIAA has in this area currently but with a company that size i would think even if a small portion of their overall operation it could still be fairly substantial.
This could be a very good thing if they move all banking operations here and continue to push growth in the market.
Sounds encouraging
Wow, I've been off the grid for three days and this is great news!!! ;D BTW, I heard TIAA is relocating their entire operations to Jax. Some guy named Steve mentioned this.
^LOL ;D
Quote from: ProjectMaximus on August 08, 2016, 10:43:31 AM
Wow, I've been off the grid for three days and this is great news!!! ;D BTW, I heard TIAA is relocating their entire operations to Jax. Some guy named Steve mentioned this.
Rumor monger.
Though, Fortune Magazine is reporting the combined company will be based in Jacksonville:
https://www.google.com/amp/amp.timeinc.net/fortune/2016/08/08/tiaa-buys-everbank/%3fsource=dam?client=safari
I believe that they read the "combined bank" comment and ran with it. If TIAA left New York that would be unreal good for Jacksonville.
At this point, this looks good for Jax and might get better. Kind of like the Fidelity acquisition of Alltel. Consider that TIAA is based in NY City. Now look at the NY based financial services companies that established or acquired footholds in Jax and then followed by shipping in more jobs from high-priced NYC: Merrill Lynch, Chase, Citi, Duetsche Bank. One day, Jax, which used to call itself the "Hartford of the South" may begin calling itself the "New York of the South" :). Fidelity had the same motivations, moving jobs from high-priced Santa Barbara.
If TIAA is organized around insurance, securities and banking, it would certainly be a great start to have their banking division HQ'd in Jax. As possibly their best avenue to accelerated growth, I would expect them to aggressively grow banking both organically and through more strategic acquisitions. After that, who knows what could follow?
It would be nice to grab some of the jobs in Charlotte too since they have 3,000 employees there:
http://www.charlotteobserver.com/news/business/banking/article94343702.html
My only connection to TIAA is a small retirement fund from my year of teaching lol. As I said, I am working with an individual who a week ago was "potentially" relocating to Jax from NYC as the head of a division at Everbank. As I speculated to my wife previously, it's possible he's part of a transition team for the acquiring company. That possibility seems even more plausible now.
Ha! Just heard from the guy that he indeed works for TIAA. So I guess we know that they are relocating at least one of their banking execs to Jax.
EverBank has become a significant name on Jacksonville's skyline, adorning the company's Northbank headquarters on Riverside Avenue, a 30-story Downtown office building and, of course, the Jacksonville Jaguars' football stadium.
One of the key details to be worked out in the coming months, as TIAA completes its buyout of EverBank Financial Corp., is whether or not that name will remain.
http://www.jaxdailyrecord.com/showstory.php?Story_id=548103
Apparently the lease expires on their space on Riverside Ave next year. I could (regardless of the merger) see them dumping it and consolidating on Bay St. Maybe keep the Branch on the Ground Floor?
Just my two cents but if I were doing the branding for the new bank, I would call it "TIAA Everbank" instead of "TIAA Direct" which is the name of their banking operations now. Everbank is a cool name and clearly shows it is a bank. I don't know what TIAA Direct is by just hearing it.
Problem solved. TIAA Everbank. 8)
LOCK DOWN THE CREF.
Quote from: FlaBoy on August 09, 2016, 02:03:13 PM
Just my two cents but if I were doing the branding for the new bank, I would call it "TIAA Everbank" instead of "TIAA Direct" which is the name of their banking operations now. Everbank is a cool name and clearly shows it is a bank. I don't know what TIAA Direct is by just hearing it.
Problem solved. TIAA Everbank. 8)
If their recent purchases are any indication, they will leave it as is. The last few acquisitions have just become wholly owned subsidiaries.
And you gotta admit....it is pretty funny how it was doom and gloom for the first few pages of this thread, but now it is sunshine and puppies. ;D
actually...nevermind. :o
http://www.kswo.com/story/32721679/everbank-shareholder-notice-faruqi-faruqi-llp-announces-the-investigation-of-everbank-financial-corp-ever-over-the-proposed-sale-of-the-company-to
It always seems like there is some law firm that makes living finding investors to sue for undervalued shares. All too common in mergers.
JBJ: EverBank CEO to retire after TIAA acquisition
http://www.bizjournals.com/jacksonville/news/2016/09/08/everbank-ceo-to-retire-after-tiaa-acquisition.html
Wow - Rob Clements leaving EverBank after the acquisition. You have to wonder what EverBank's presence in the JAX market will be in the next 24-36 months and if there is going to be any big moves.
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.
Barnett Bank, repeat and rinse.
EverBank, repeat and rinse.
Who next?
Quote from: mtraininjax on September 08, 2016, 05:04:36 PM
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.
Quote from: spuwho on September 09, 2016, 08:07:00 AM
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 :).
^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.
Well it is official...closing day is tomorrow according to an email that was sent out yesterday.
QuoteTIAA 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.
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.
Quote from: Houseboat Mike on June 08, 2017, 10:19:22 AM
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!
I wonder if the stadium will be getting a new name
Haven't they already said they are leaving the EverBank name as the lead for this division?
No, they haven't confirmed either way.
Quote from: Houseboat Mike on June 08, 2017, 01:30:28 PM
No, they haven't confirmed either way.
They have to pay consultants a ton of money before they just decide to keep it. ;D We know it won't be TIAA Direct like the current name of their lending services.
Quote from: martt12 on June 08, 2017, 11:04:26 AM
I wonder if the stadium will be getting a new name
Still a definite maybe.
Quote from: FlaBoy on June 08, 2017, 01:51:43 PM
Quote from: Houseboat Mike on June 08, 2017, 01:30:28 PM
No, they haven't confirmed either way.
They have to pay consultants a ton of money before they just decide to keep it. ;D We know it won't be TIAA Direct like the current name of their lending services.
Yep.
QuoteBlake 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
Everbank, and stadium, rebrand is 100% happening.
Despite what they say publicly, it's already been decided.
Look for it early next year.
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).
Quote from: I-10east on December 20, 2017, 03:48:38 PM
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).
Gillette is owned by Proctor & Gamble
Hard Rock is owned by the Seminole Tribe
Heinz is owned by Birkshire Hathaway
Mercedes Benz (2 stadiums) is owned by Daimler AG
Sports Authority (liquidated) is owned by Dicks Sporting goods
StubHub is owned by Ebay
...
To name a few. In fact, Sports Authority as a brand doesn't exist at all anymore.
But at the same time there are several that changed after purchases (Centurylink was Qwest, etc)
Since I have lived in Jax (10 years), this stadium has had 3 names. So wouldn't surprise me either if they changed it. But if they keep the Everbank brand name at TIAA, I imagine they would keep it on the stadium.
EverBank is a good name, I too hope they keep it.
They're not keeping it.
I know this a fact, from a source pretty high up in the chain.
New name has already been selected.
I've got it:
Come Face The Jaguars In The Amazon Stadium! They'll Have You For Lunch.
Unless something changes overnight, Everbank is planning to surprise everyone with their rebrand tomorrow. Don't think the name will surprise anyone. Stadium name won't roll off the tongue quite as well as "Everbank Field."
How about "anotherbankmerger.com stadium"
Hmmmm . . . TIAA Bank Stadium ? ? ?
Might as well go with TIAA Stadium.
You can't "Lock Down the Bank" if it is just TIAA Stadium...
They rebranded with TIAA Bank. Ugly name that doesn't flow at all.
Am I understanding this correctly? The naming rights have been transferred to TIAA which is why the name is changing on the stadium, but the Everbank brand will continue to be used elsewhere? That doesn't make much sense to me. Maybe the articles I've read haven't explained it properly.
Quote from: remc86007 on February 16, 2018, 10:54:27 AM
Am I understanding this correctly? The naming rights have been transferred to TIAA which is why the name is changing on the stadium, but the Everbank brand will continue to be used elsewhere? That doesn't make much sense to me. Maybe the articles I've read haven't explained it properly.
EverBank will be rebranded as TIAA Bank. They approved the signs for the top of 301 W Bay St with a placeholder that said "Bank Name" on them.
Quote from: Steve on February 16, 2018, 10:48:59 AM
They rebranded with TIAA Bank. Ugly name that doesn't flow at all.
I can't help but feel like they would have been better off just rebranding the entire company as EverBank.
Didn't they pay a consulting firm and go through a months long process for this? TIAA Bank...lol
^
Quote from: Steve on February 16, 2018, 10:48:59 AM
They rebranded with TIAA Bank. Ugly name that doesn't flow at all.
Could be worse, they could have gone EverCref