Reuters reported that TIAA has been in exclusive negotiations to acquire EverBank Financial Corp Inc. for $2.5 billion, people familiar with the matter said.
According to the Reuters report, the deal would underscore TIAA's ambitions to bolster TIAA Direct, its own internet bank launched four years ago. TIAA Direct offers consumer products from checking and saving accounts to mortgages and other loans.
TIAA was founded in 1918 by American tycoon and philanthropist Andrew Carnegie's Carnegie Foundation as a financial services firm catering to people working at not-for-profit organizations in the academic, research, medical and cultural fields. With about $854 billion in assets under management, TIAA serves 3.9 million active and retired employees.
Read the full Reuters report: TIAA in Advanced Talks to Acquire EverBank - Sources