New York-based TIAA, a Fortune 100 financial-services company, plans to move its trust business headquarters from Jacksonville, Florida to Charlotte, the Charlotte Business Journal reported. That’s following the planned sale of its subsidiary TIAA Bank.
The company was approved for the transition of TIAA Trust on May 9, according to an Office of the Comptroller of the Currency filing. The division will now be based in TIAA’s Charlotte campus at 8500 Andrew Carnegie Blvd. Its trust business includes advisory and investment services, account management, estate planning and more.
The move of its trust business comes after TIAA Bank’s parent company agreed in November to sell the Jacksonville-based bank to five private equity funds, Jacksonville Business Journal previously reported. The transaction is expected to close later this year after final regulatory approvals.
Under the agreement, which is subject to regulatory approvals, nearly all the bank’s current assets and business lines will be acquired by the new ownership, the company said.
“As part of TIAA’s planned sale of TIAA Bank, we are retaining the trust business, which will be conducted as an OCC-chartered trust bank,” a TIAA spokesperson told CBJ by email. “That business will be headquartered in Charlotte. We do not expect any material change in staffing levels in Charlotte to occur as a result.”
TIAA Bank’s main base of operations will remain in Jacksonville. The bank will operate under a new name, which will be announced when the transaction closes, Jacksonville Business Journal reports.
TIAA is one of the Charlotte area’s largest employers with 4,900 team members here as of July of last year. Its 1-million-square-foot renovated Charlotte campus, located in University City, was recognized in CBJ’s 2022 Heavy Hitters Commercial Real Estate Awards.
TIAA has another office here in south Charlotte at 3440 Toringdon Way.
