Bayview Asset Management Invests in TIAA Bank
11.03.22
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The Firm is representing Bayview Asset Management, LLC (“Bayview”) in connection with TIAA’s proposed sale of TIAA Bank, a division of TIAA, to Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview. Under the definitive agreement among TIAA and the investors, nearly all the bank's assets and business lines will be acquired by the investors. Bayview will own a non-controlling interest in the bank after the transaction closing, which is expected in 2023 after final regulatory approvals have been obtained and the satisfaction of other closing conditions.
TIAA Bank provides full-service, nationwide banking and lending services to consumer, commercial and institutional clients through a variety of channels, including online, at its Florida-based financial centers and at other business offices throughout the country.
The Simpson Thacher team includes Lee Meyerson (M&A); Spencer Sloan (Bank Regulatory); Andrew Blau (Executive Compensation and Employee Benefits); Andrew Purcell and Edward Grais (Tax); and Steven DeLott (Insurance).