TIAA Bank being sold

[marcuscnelson]

Just four years after being bought by TIAA, the former Everbank is being sold to an investment group, but is (for now) staying based in Jacksonville.

https://www.jaxdailyrecord.com/article/tiaa-bank-being-sold-will-be-renamed

They will be getting a new name, which means a rebrand for the stadium sometime next year.

[thelakelander]

Very interesting! I guess we'll have to wait to see what the economic impact will be at the local level.

[jaxlongtimer]

^ Can't imagine it will stay a free standing bank for long.  Private equity will likely sell it again to a bigger financial services company within 5 years.  That will be the real impact when the HQ's might disappear.

Alternatively, they could go out and buy a bunch of other banks but doesn't seem many are left that would be of the target size they might acquire.

[Jason]

I hope the new name is better than the current "TIAA"...  that name really sucks.  I like the Everbank name MUCH better.

[marcuscnelson]

Thought it'd be worth including for the record here that TIAA Bank did in fact go back to the old name upon their sale. As of August 1st, the bank is doing business as Everbank.

https://www.tiaa.org/public/about-tiaa/news-press/press-releases/2023/08-01

https://www.tiaabank.com/everbank

[WAJAS]

^ Can't imagine it will stay a free standing bank for long.  Private equity will likely sell it again to a bigger financial services company within 5 years.  That will be the real impact when the HQ's might disappear.

Alternatively, they could go out and buy a bunch of other banks but doesn't seem many are left that would be of the target size they might acquire.

Discover Bank somehow has kept their single branch in their home city. Maybe TIAA will do the same.

At the very least, I doubt there will be any expansion of the branches.