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TIAA to buy EverBank for $2.5 billion

TIAA CEO Roger W. Ferguson, Jr.

TIAA reached a deal to buy EverBank Financial Corp. for $2.5 billion in cash, an agreement that comes about two weeks after the Florida-based lender said it was in talks to be acquired.

The bid, worth $19.50 a share, matches the terms EverBank EVER, +0.70% outlined late last month and...