Financial-services firm TIAA has agreed to acquire Florida-based consumer and commercial lender EverBank in a cash deal worth $2.5bn.

The acquisition will add $27.4bn in assets and $18.8bn in deposits to TIAA’s portfolio.

As per the agreed terms of the deal, EverBank stockholders will receive $19.50 per share in cash.

The transaction has already secured the nod from EverBank’s board of directors. The deal is expected to wrap up in the first half of 2017, subject to regulatory and stockholders’ approvals.

TIAA president and CEO Roger Ferguson said: “EverBank’s complementary capabilities and two decades of profitability make this an excellent investment and a great strategic fit for TIAA. Together, we look forward to bringing an enhanced level of service and an expanded range of financial solutions to our millions of loyal customers and the institutions we serve.”

EverBank offers a wide range of banking, lending and investing products to consumers and businesses across the nation. The bank’s Jacksonville base will now also serve as the combined bank’s headquarters.

EverBank chairman and CEO Rob Clements said: “Our two companies are a great match. We look forward to introducing our unique consumer and commercial banking products to the millions of individuals and the institutions that TIAA serves today, while enhancing the investment and retirement product offerings for our clients.”