EverBank to merge with WaFd in $3.9 billion reverse merger
Florida-based EverBank Financial has agreed to acquire Washington State-based WaFd Bank through a $3.9 billion reverse merger, the companies announced on Monday. The transaction will result in a regional bank holding approximately $75 billion in assets and is expected to close by early 2027. Under the terms of the deal, EverBank will merge into WaFd, which will retain its public listing under the new name 'EverBank Financial Corp' with ticker symbol EVBK on Nasdaq. The merger structure gives current EverBank investors a controlling stake in the combined entity—approximately 59.2%—while existing WaFd shareholders will own about 40.8%. The companies anticipate that this deal will boost WaFd's earnings per share by around 29% in 2027 and recover tangible book value dilution within two years.
Tickers: $WAFD
Topics: banking mergers and acquisitions