EverBank agrees to all-cash bid from TIAA

EverBank accepted an all-cash take-over offer from not-for-profit pensions group TIAA.

The transaction price of $19.50 per share of EverBank represented a premium of approximately 4.6% to the firm´s closing price on 5 August.

Internet focused EverBank, which described itself as a nationwide consumer and commercial bank had $27.4bn in assets.

TIAA said the roughly $2.5bn deal "significantly expands TIAA's banking and lending products and complements the company's full suite of retirement, investment and advisory services."

It would also turn TIAA into a full-service banking company, it said.

Subject to regulatory approvals the transaction was expected to close in the first half of 2017.

As of 14:57 BST shares in EverBank were up by 2.74% to $19.14