TIAA, the financial-services firm led by former Federal Reserve Vice Chairman Roger Ferguson, agreed to buy EverBank Financial Corp., Florida’s largest lender by deposits, for about $2.5 billion in cash.
EverBank shareholders will receive $19.50 a share, the companies said Aug. 8 in a statement. The transaction, subject to regulatory approval by the Federal Reserve and the Office of the Comptroller of the Currency, is expected to close in the first half of 2017, according to the statement.
The deal adds to TIAA’s wealth-management business and gives Ferguson a platform for providing personal and business loans in the U.S. ...
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