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US: Centennial financial firm to buy EverBank

By  |  August 3, 2016

The 98-year-old financial services firm TIAA is seeking to expand in internet banking and has been in exclusive negotiations to acquire U.S. online lender EverBank Financial Corp Inc for $2.5 billion, people familiar with the matter said.

The deal would underscore TIAA’s ambitions to bolster its own internet bank launched four years ago, TIAA Direct. TIAA Direct offers consumer products from checking and saving accounts to mortgages and other loans.

EverBank announced last week that it was in advanced negotiations with a “well-respected financial services company” about selling itself for $19.50 per share in cash.

EverBank has total assets of $27.4 billion and total deposits of $18.8 billion as of its recent earnings report.

Full Content: Reuters

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