Why did TIAA acquire EverBank?
We believe TIAA's acquisition of EverBank marks the start of a very promising new chapter in EverBank's history and will enable us to grow, with different ownership but with the same commitment to clients, communities and employees, and continue the journey we began more than two decades ago. Our new combined bank is an integral part of TIAA's Retail Financial Services business and significantly enhances TIAA's ability to serve clients by providing high-value lending, savings, cash-management and investment solutions throughout the customer's financial life cycle. The completion of this transaction enables TIAA to accelerate its long-term strategy for banking, bringing into the company EverBank's 3,000 associates, its robust banking platforms and consumer and commercial clients in every state.
By creating a company that offers a full suite of banking, lending and investing services for consumer, commercial and institutional clients, this combination expands the ways that we can help clients meet their financial needs at all life stages. EverBank's customer-service capabilities will also enable greater service and convenience to all of our clients, through channels such as digital and mobile. At the same time, we will be able to offer TIAA's world-class retirement and investment management products and services to EverBank's clients.
TIAA's website provides a thorough overview of the company, its long history and mission and its lines of business.
What is the new name of the Bank?
TIAA Bank will be the future name of the bank created by the combination of EverBank and TIAA Direct. The legal name for the combined bank will continue to be TIAA, FSB.
When will you start using your new bank name?
In mid-2018 we'll formally begin using our new bank name and brand. Until then, it will remain business as usual for EverBank and TIAA Direct clients, as we continue to go to market under our two bank names and provide the exceptional products and service that are the hallmark of our two legacy banks.
What happens to the EverBank and TIAA Direct names?
At this time, nothing changes for either EverBank or TIAA Direct. After the bank's rebranding in mid-2018, use of these logos and names will be phased out and replaced with the new bank name and logo, TIAA Bank.
Why did you pick this name?
Our new bank name reflects the financial strength and heritage of both TIAA and EverBank. For nearly a century, TIAA has been dedicated to providing lifetime financial security for its clients and has been an innovator in financial services. As a pioneer in direct banking, EverBank has served as a trusted partner to consumer and commercial clients, helping them achieve their financial goals with a wide range of products and services. Our new bank name combines the best of both companies' values and history.
What will happen to the naming rights/sponsorship of EverBank Field in Jacksonville?
Our stadium naming rights agreement with the Jacksonville Jaguars will continue and EverBank Field will be renamed TIAA Bank Field beginning in the 2018-2019 season, subject to the City of Jacksonville and the Jaguars' approval.
My nonprofit organization received a commitment letter from EverBank and/or TIAA earlier this year. Is that commitment now at risk? What changes should we expect regarding future potential charitable contributions?
All existing EverBank and TIAA charitable contribution commitments will be honored. Changes and enhancements to TIAA's CRA Community Development Grant Request Program will not affect previously made commitments for 2018. Please direct any questions specific to Community Reinvestment Act (CRA) charitable contributions to our CRA Officer.
Is my contract/Advertising Services Agreement with EverBank and/or TIAA still valid?
For now, we will continue to operate on a business as usual basis and there are no changes in your relationship with EverBank and/or TIAA.
Do you anticipate any disruption to my billing cycle as a result of the acquisition?
No, for now, we will continue to operate on a business as usual basis and there are no changes to your billing.
My company is in the middle of responding to a EverBank and/or TIAA Request for Pricing (RFP) proposal. Do you anticipate any changes to scope or timing as a result of the acquisition?
You should continue to move forward with submitting your response according to the specs currently defined unless told otherwise by your vendor manager or strategic sourcing partner.