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TIAA Bank Will Cut 132 Jacksonville Jobs

Jacksonville Daily Record

TIAA Bank is getting out of the retail branch home loan business, focusing instead on making mortgage loans through the internet and other channels, the company announced Thursday.

As part of the realignment of that business, the bank will eliminate 132 positions in Jacksonville, spokesman Michael Cosgrove told our Jacksonville Daily Record News Partner.

TIAA Bank employed 1,117 people in Jacksonville and 3,285 people in total at the end of 2018, Cosgrove said.

TIAA has reached an agreement with Minneapolis-based U.S. Bank to assume some of the leases on TIAA mortgage offices and offer jobs to some TIAA employees. Cosgrove did not know how many people in Jacksonville would be offered jobs at U.S. Bank.

He said U.S. Bank plans to take over about 40 percent of TIAA Bank’s 65 mortgage lending offices across the country, and the rest of those offices will be closed.

“This repositioning will allow us to serve a wider audience of clients nationwide, including millions of TIAA participants and their families, through our retail direct and correspondent lending channels,” TIAA Bank Chief Executive Blake Wilson said in a news release.

“The changes we’re making will enable us to deliver mortgage solutions to even more people, using digital technologies that enable clients to work with us efficiently and easily, anywhere and at any time,” he said.

Teachers Insurance and Annuity Association of America acquired Jacksonville-based EverBank, which offered its bank services mainly online, for $2.5 billion in June 2017.

After merging EverBank with its St. Louis-based TIAA Bank subsidiary, the company decided to move the headquarters of its bank to Jacksonville.

According to Federal Deposit Insurance Corp. data, TIAA only has one full-service bank branch in St. Louis and 12 in Florida.