The following appears on MarketWatch.com
TIAA reached a deal to buy EverBank Financial Corp. for $2.5 billion in cash, an agreement that comes about two weeks after the Florida-based lender said it was in talks to be acquired.
The bid, worth $19.50 a share, matches the terms EverBank EVER, +2.95% outlined late last month and marks a 26% premium over where shares traded ahead of media reports about the buyout talks. The Wall Street Journal and other outlets have since reported that TIAA was the interested buyer.
Buying EverBank would give TIAA $27.4 billion in assets and $18.8 billion in deposits. EverBank focuses on online and mobile banking but also has some offices. While EverBank is based in Florida, it holds loans and deposits from across the U.S. and focuses on making big mortgages called jumbo loans that banks increasingly find attractive.