Bloomberg News says EverBank Financial exploring possible sale

[mtraininjax]

TIAA linked to talks for 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.

[jaxlongtimer]

TIAA 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) 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" .

[Traveller]

It's official...

http://www.marketwatch.com/story/tiaa-to-buy-everbank-for-25-billion-2016-08-08

[Steve]

Business Journal reporting Jacksonville will be the combined bank's headquarters.

[icarus]

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.

[FlaBoy]

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?

[Houseboat Mike]

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.

[edjax]

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.

[Snufflee]

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..

[Steve]

^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.

[Snufflee]

^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.. 

[icarus]

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.

[FlaBoy]

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.

[pierre]

Sounds encouraging

[ProjectMaximus]

Wow, I've been off the grid for three days and this is great news!!! BTW, I heard TIAA is relocating their entire operations to Jax. Some guy named Steve mentioned this.