Financial services provider TIAA has completed the acquisition of Florida-based consumer and commercial bank EverBank.

EverBank managed $27.8bn in total assets and $19.3bn in total deposits at the end of March 2017.

The merged group will be based in Jacksonville, and will operate under the name TIAA, FSB.

Blake Wilson will serve as the president and CEO of the merged entity, while Kathie Andrade will serve as its chairman. Andrade will also continue to serve as CEO of TIAA’s Retail Financial Services unit.

Robert Clements has retired as chairman and CEO of EverBank Financial post deal completion.

The deal, announced in August 2016, is valued at $2.5bn.

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TIAA president and CEO Roger Ferguson, Jr. said: “For nearly a century, TIAA has helped to provide financial well-being for millions of customers. Our strategic investment in EverBank is squarely in keeping with that mission, and enables us to diversify, innovate and expand our business to meet the financial needs of our customers in a comprehensive way for generations to come.”