Timeout: We weren't ready to rename our bank yet

TIAA has officially renamed EverBank, not long after a sports venue in Florida let the public know the change was coming.

TIAA, based in New York, changed the Jacksonville, Fla., bank's name to TIAA Bank on Monday. TIAA acquired EverBank Financial in June 2017 for $2.5 billion in cash and since then, it has operated the bank as a separate company with its own branding.

The move will unify the branding of EverBank and TIAA’s own online bank, TIAA Direct, CEO Roger Ferguson said in a news release.

“With the expansion of TIAA’s banking products and services, we’re pleased to build on that commitment by offering customers a different kind of bank — one that makes banking even better for individuals, families, businesses and institutions across the country,” Ferguson said.

TIAA had already indicated that EverBank’s name would be changing. In May, the Jacksonville Jaguars of the NFL began replacing the signs at its football stadium, switching out the name EverBank Field to TIAA Bank Field.

TIAA had already changed EverBank’s name in its federal charter, to TIAA Federal Savings Bank. But that change had not been reflected in the bank’s public identity. TIAA Bank will remain in Jacksonville and the holding company, Teachers Insurance and Annuity Association of America, will stay in New York.

In August 2016, TIAA deflected questions about whether it would change EverBank’s name, when a spokesman at the time said it was “too early” to address branding questions.

With $34 billion in assets, TIAA Bank is the second-largest privately owned bank in the U.S., according to BankRegData. The largest is the $84 billion-asset USAA in San Antonio, Texas.