Bloomberg News says EverBank Financial exploring possible sale

[FlaBoy]

^LOL 

[Steve]

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.

Rumor monger.

[Steve]

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.

[jaxlongtimer]

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?

[FlaBoy]

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

[ProjectMaximus]

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.

[ProjectMaximus]

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.

[Steve]

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?

[FlaBoy]

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. 

[KenFSU]

LOCK DOWN THE CREF.

[Houseboat Mike]

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. 

If their recent purchases are any indication, they will leave it as is. The last few acquisitions have just become wholly owned subsidiaries.

[Houseboat Mike]

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. 

[Houseboat Mike]

actually...nevermind. 

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

[Steve]

It always seems like there is some law firm that makes living finding investors to sue for undervalued shares. All too common in mergers.

[Jagsdrew]

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.