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EverBank disclosed that it was in advanced negotiations with “a well-respected financial services company” to be acquired for “$19.50 per share.” “I am very excited to welcome EverBank to the TIAA team,” said Roger W. Ferguson, Jr., president and chief executive at TIAA. “EverBank’s complementary capabilities and two decades of profitability make this an excellent investment and a great strategic fit for TIAA.” “All of us at EverBank are extremely excited about the many new opportunities TIAA will bring for our clients, our associates and the communities we serve,” said Rob Clements, EverBank chairman and CEO. “Our two companies are a great match.” The bank was founded in 1994 by Clements and has grown through a series of acquisitions. The company offers its products and services through an integrated online and mobile financial portal, and financial centers. TIAA currently offers a variety of savings and lending products to its customers. EverBank’s established banking operations will enable TIAA to provide a more comprehensive range of services with an enhanced customer experience. TIAA is a leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $889 billion in assets under management and offers a wide range of financial solutions, including investing, banking, advice and guidance, and retirement services. For the second quarter ended June 30, 2016, EverBank reported total assets of $27.4 billion, total deposits of $18.8 billion, and $1.9 billion in total equity capital. Revenue for the second quarter of 2016 was $197 million, and adjusted net income was $40.5 million. EverBank’s board of directors unanimously approved the deal, which is expected to close in the first half of 2017, subject to regulatory approvals, EverBank’s common stockholders’ approval, and customary closing conditions. Lazard acted as lead financial advisor and Davis Polk & Wardwell LLP served as legal counsel to TIAA. J.P. Morgan Securities LLC also acted as financial advisor to TIAA. UBS Investment Bank acted as lead financial advisor to EverBank and Sullivan & Cromwell LLP served as legal counsel to EverBank.]]>