TIAA completed the sale of TIAA Bank to private investors with experience in financial services and will now officially begin operating once more as EverBank under a new national bank charter. Terms of the transaction are not being disclosed.
Truist agreed to sell a 20% stake in Truist Insurance Holdings to funds managed by private equity firm Stone Point Capital for $1.95 billion.
Norma Kuntz will be appointed CEO of Gordon Brothers, effective Feb. 13, 2023. Ken Frieze, the company’s current CEO, and Michael Frieze, the current chairman, will continue to serve the company as chairman and chairman emeritus, respectively.
TIAA entered into a definitive agreement to sell TIAA Bank to new investors with experience in financial services, including Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management.
ECN Capital entered into a definitive agreement with funds managed by Stone Point Capital to sell all of the issued and outstanding equity interests in ECN Kessler Holdco, a wholly-owned, indirect subsidiary of the ECN through which ECN operates the Kessler Group business.
F.N.B. entered its next phase of strategic expansion in Virginia, including further growth of its retail network in the greater Washington, D.C., area and plans to extend its commercial banking operations into Richmond, VA, with a new loan origination center.
Stone Point Capital and R. Seelaus partnered to create Seelaus Financial. Seelaus Financial says it will be the first women-owned platform capable of underwriting, structuring, arranging and distributing leveraged loans on a committed and best-efforts basis.
Eagle Point Credit Management added Seth Weinstein to the firm as a director of business development. Weinstein most recently served as senior vice president of business development at CQS, a credit-focused multi-strategy asset manager.
Churchill Asset Management served as joint lead arranger and joint bookrunner on a $185 million senior secured credit facility. The funds were used to support Stone Point Capital’s acquisition of Eliassen Group.
Trident VII Funds, managed by Stone Point Capital, made an investment in Gordon Brothers. Stone Point Capital is a private equity firm focused on investing in the financial services industry.