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Newly released bank regulatory data shows just how significantly TIAA's June acquisition of EverBank Financial Corp impacted the retail banking presence of a company best known as a provider of life insurance, annuity, asset management and retirement savings products and services to professionals in select fields.
With $32.77 billion in assets and $23.12 billion in deposits as of June 30, TIAA FSB ranked second only to United Services Automobile Association's USAA Federal Savings Bank among entities classified by S&P Global Market Intelligence as U.S. insurer-owned banks. It is quite a leap for TIAA, whose previous banking subsidiary obtained regulatory approval only seven years ago to begin offering deposit products and finished the first quarter of 2017 with assets and deposits of $4.82 billion and $3.91 billion, respectively.
TIAA FSB led the list of insurer-owned banks by growing assets and deposits at rates of 72.1% and 75.9%, respectively. S&P Global Market Intelligence's presentation of annualized quarter-over-quarter growth rates compares results for the surviving...