What will this mean for the Jags' home stadium?
Cosgrove said the bank has"a great partnership with Jacksonville and the Jaguars," but did not say whether new ownership would seek to extend those naming rights with the bank's new name.
"We think this is a great outcome for Jacksonville," Cosgrove said."Our bank has its roots that go back to the 1960s here. We are part of the fabric of this community."The new ownership is committed to remaining in Jacksonville, Cosgrove said. The agreement, which is subject to regulatory approvals, will have all the bank's current assets and business lines under new ownership, with the exception of TIAA Trust, which is part of TIAA Bank but is more closely aligned with the wealth business that TIAA plans to continue. TIAA will apply for a new, separate national trust bank charter, and the TIAA Trust business will become a subsidiary of TIAA.
After the transaction closes, TIAA and Nuveen will continue to have ongoing business relationships with the bank.
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