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Sale completed: TIAA Bank is now EverBank (Courtesy of the Jacksonville Daily Record) — TIAA said Aug. 1 it completed the sale of its TIAA Bank subsidiary to private investors, and the bank is now operating as EverBank N.A.

The company also said Greg Seibly became the new chief executive officer for EverBank.

Greg Seibly is the new chief executive officer for EverBank.

Seibly has more than 35 years of financial services experience, most recently as president of Union Bank in Los Angeles before it was acquired in December by U.S. Bancorp.

“Today is a big day for EverBank and Jacksonville, as our bank begins an exciting new chapter,” Seibly said in a news release.

“We’re extremely proud to call Jacksonville our home as we deepen our commitment to ensuring our clients have a financial advantage and make a positive difference in the communities where we live and work.”

EverBank also named David DePillo as president. DePillo most recently was president of Dallas-based First Foundation Bank.

Steve Fischer, who had been president and CEO of TIAA Bank since September 2019, was named vice chairman of EverBank.

EverBank said in a news release that for consumer and commercial clients, “for now it remains business as usual, with no changes in accounts, products or services.”

“People who have banked with us know and appreciate how different and special our bank and our best-in-class team of associates are,” Seibly said. “We look forward to introducing EverBank and our client-forward approach to delivering excellence to new clients in the years to come.”

TIAA announced in November 2022 it was selling the bank. The new investors are funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management.

None of those firms has a controlling interest, TIAA said. Terms of the deal were not disclosed.

TIAA said it retains a minority ownership interest in EverBank and will continue to have ongoing business relationships with it.

EverBank remains headquartered in Jacksonville in a 30-story Downtown tower at 301 W. Bay St. The bank is planning to change the signs on top of the tower to the EverBank name.

An artist’s rendering of the EverBank name on TIAA Bank Field. EverBank must get permission from the city to change the name of the stadium.

The bank also has naming rights to the Jacksonville Jaguars stadium and hopes to replace the TIAA Bank Field name with EverBank Stadium when the NFL regular season begins in September.

TIAA, which provides retirement and investing services, is retaining the bank’s trust business but the rest of the bank’s assets and business lines are now part of EverBank.

“We are pleased that TIAA’s clients will be able to continue to benefit from the banking services they have previously enjoyed through our continued relationship with EverBank,” TIAA Chief Operating Officer David Nason said in a news release.

Image courtesy of Everbank