Banking

Greg Seibly ends up being EverBank CEO after divestiture by TIAA

EverBank’s sale and brand-new ownership structure position the bank for a “new chapter of growth” that will concentrate on customer and industrial customers throughout the nation, brand-new CEO Greg Seibly states.

Greg Seibly is taking control of as CEO of EverBank now that TIAA has actually offered the online lending institution to a group of personal equity financiers.

Seibly — a 35-year banking market veteran — has actually been worked with to direct the revamped Jacksonville, Florida bank, according to a news release provided by the $1.3 trillion-asset retirement fund TIAA that revealed the conclusion of the sale.

The $36.8 billion-asset bank, which has actually transformed to a nationwide bank from a federal thrift, has actually been bought by 5 personal equity companies consisting of Warburg Pincus, which likewise purchased Banc of California’s acquisition of PacWest Bancorp.

The other EverBank purchasers consist of Stone Point Capital, Reverence Capital Partners, Sixth Street and Bayview Asset Management.

EverBank’s sale and brand-new ownership structure position the bank for a “new chapter of growth” that will concentrate on customer and industrial customers throughout the nation, Seibly stated in the release.

Seibly invested the last 3 years as president and head of local banking at Union Bank in California. U.S. Bank gotten Union Bank for $8 billion in December.

Seibly likewise has actually been CEO of the Federal Home Loan Bank of San Francisco, president of customer banking at Umpqua Bank in Portland, Oregon, and CEO of Sterling Financial in Spokane, Washington.

David DePillo, another banking market veteran, will be EverBank’s president. Steve Fischer will be vice chairman after leading EverBank as president and CEO throughout TIAA’s ownership.

TIAA bought EverBank for $2.5 billion in 2017 and rebranded the lending institution as TIAA Bank the next year. TIAA revealed it was offering EverBank in November as part of a technique to concentrate on its core retirement and property management companies.

TIAA’s sale of EverBank was carried out “from a position of strength” that will offer TIAA’s customers with a “secure retirement” for its customers, David Nason, TIAA’s chief running officer and president of its wealth management group, stated in the declaration.

TIAA and the financier group will keep noncontrolling interests in EverBank. Additional information about the deal were not revealed. 

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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