JACKSONVILLE, Fla. — The video above is from a previous report.
TIAA announced the sale of TIAA Bank on Wednesday in a press release. The move is part of the company's "long-term strategic plan to refocus on the company’s retirement business and Nuveen, its asset manager."
TIAA Bank's headquarters and main base of operations will remain in Jacksonville. However, the bank will receive a new name, once the sale is complete, the release said. It is unknown what exactly that means for TIAA Bank Field, the home of the Jacksonville Jaguars.
TIAA will continue to hold a non-controlling stake in the bank. Exact terms of the sale will not be made public, according to the press release. The company did share that almost all of the bank's current assets will belong to the new owner, excluding TIAA Trust.
Consumer and commercial clients can expect a "smooth transition", according to the release.
After the sale, both TIAA and Nuveen plan to continue a working relationship with the bank.
“As we refocus on retirement, we have decided now is the appropriate time for TIAA Bank to begin a new chapter under new ownership,” said David Nason, TIAA’s Chief Operating Officer.
“The changes we’re announcing are in the best interest of TIAA and our retirement clients, and for our bank’s consumer and commercial clients and the incredible TIAA Bank associate team. TIAA is making this move from a position of strength, and we are confident the bank is well-positioned for future growth and success.”
The sale is expected to close in 2023.