EverBank Financial's biggest investor is cashing out ahead of the Jacksonville, Fla., company's sale to TIAA.

The $28.7 billion-asset parent of EverBank said in a press release Tuesday that Sageview Partners LP in Greenwich, Conn., is selling its remaining 5.5% stake in EverBank – or slightly more than 7 million shares – in a secondary offering. EverBank is neither selling nor receiving any proceeds from the offering.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.