WaFd Inc. to Merge with EverBank Financial Corp in $3.9 Billion Reverse Merger
EverBank Financial Corp has entered into a definitive merger agreement with WaFd, Inc., valued at approximately $3.9 billion. Under the terms of the reverse merger transaction, EverBank will merge into WaFd, which will continue as the parent company and change its name to EverBank Financial Corp while trading under the new ticker symbol EVBK on Nasdaq. The combined entity is expected to benefit from significant cost synergies, with a projected return on tangible common equity of around 15%. For shareholders of WaFd Inc., earnings per share (EPS) are anticipated to increase by approximately 29% in 2027. The merger aims to enhance profitability and create value for both sets of shareholders through combined strengths in consumer banking, commercial real estate lending, and direct online services. Leaders from both companies expressed optimism about the strategic fit between EverBank's digital capabilities and WaFd Bank’s traditional strength in commercial real estate lending. They anticipate that this merger will open new opportunities for nationwide growth and improved financial performance.
Tickers: $WAFD