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TIAA Agrees to Buy EverBank Financial for About $2.5 Billion

  • Transaction adds personal, business-loan platform for TIAA
  • Ferguson’s firm to pay $19.50 a share in cash for EverBank

TIAA, the financial-services firm led by former Federal Reserve Vice Chairman Roger Ferguson, agreed to buy EverBank Financial Corp., Florida’s largest lender by deposits, for about $2.5 billion in cash.

EverBank shareholders will receive $19.50 a share, the companies said Monday in a statement. The transaction, subject to regulatory approval by the Federal Reserve and the Office of the Comptroller of the Currency, is expected to close in the first half of 2017, according to the statement.

The deal...