The Federal Reserve on June 7 approved TIAA's acquisition of Florida-based EverBank Financial Corp.

TIAA agreed in August 2016 to buy EverBank in an all-cash deal valued at roughly $2.5 billion. The deal will greatly expand TIAA's banking operations considering EverBank's total assets of more than $27 billion, and it will give TIAA the second-largest bank or thrift owned by a U.S.-based company focused on insurance.

The deal has already received approval from the Office of the Comptroller of the Currency.