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.

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