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Ferguson Brings $2.5 Billion to Financial Supermarket Bank Aisle

  • CEO wants customers who are first seeking financial services
  • TIAA adds more than $27 billion in assets with takeover

Roger Ferguson’s deal to buy EverBank Financial Corp. shows an eagerness to expand TIAA, the company known for offering retirement products to teachers, while he counters for-profit insurance rivals that retreated from heavily regulated deposit-taking operations.

TIAA will pay $2.5 billion in cash for the largest Florida-based lender, adding a platform for providing personal and business loans, Ferguson said Monday. The push differs from the approach of MetLife Inc., Allstate Corp., Ameriprise Financial Inc. and Principal Financial Group Inc., insurers and asset managers that scaled back from banking amid greater U.S. scrutiny tied partly to the 2010 Dodd-Frank Act.