Financial services provider Teachers Insurance and Annuity Association (TIAA) announced today that it is now a full-service bank. TIAA began this move last June when it acquired the direct bank EverBank, which it combined with its own TIAA Direct brand. At the time of the acquisition, EverBank had $27.8 billion in total assets and $19.3 billion in total deposits.
TIAA notes in its release that it now has nationwide offerings in deposit, residential and commercial lending and other banking products and services.
The combined institution, TIAA Bank, is based in Jacksonville, Fla.
“With the expansion of TIAA’s banking products and services, we’re pleased to build on that commitment by offering customers a different kind of bank – one that makes banking even better for individuals, families, businesses, and institutions across the country,” said TIAA president and CEO Roger W. Ferguson in a company-issued statement.
TIAA, which is also celebrating 100 years in business, is known for retirement plans and providing financial services to academic, research, medical, cultural and governmental fields.
“We also now can provide new banking solutions to TIAA’s participants and institutions, building on TIAA’s century-long mission of service to the not-for-profit sector and beyond,” said Blake Wilson, TIAA Bank’s president, and CEO.
This rebranding effort also includes renaming the Jacksonville Jaguar’s football stadium to “TIAA Bank Field” to solidify local ties.
TIAA is a partner of INV Fintech, Bank Innovation’s sister accelerator.
Bank Innovation requested additional commentary from TIAA but they declined to comment.