Is TIAA selling its bank?

TIAA, a prominent financial services provider, has successfully concluded the sale of TIAA Bank to a group of private investors. This strategic move marks a significant milestone for both TIAA and the banking sector.

The bank, now operating under the name EverBank, will continue to offer its services to clients with a renewed focus and enhanced capabilities. The change in ownership is not expected to disrupt the bank's daily operations or the services it provides to its customers.

Despite the sale, TIAA maintains a strong presence within the bank. The company retains a board seat, ensuring its voice is heard in key decision-making processes and ensuring the bank's alignment with TIAA's values and mission.

Additionally, TIAA holds a non-controlling ownership stake in EverBank, demonstrating its commitment to the bank's long-term success and growth. This stake also allows TIAA to benefit from any future increases in the bank's value.

EverBank will continue to serve TIAA's retirement participants, offering them a range of financial products and services tailored to their unique needs. This commitment ensures that TIAA's clients will continue to receive the same high level of service and support they have come to expect.