EverBank to combine with WaFd in $3.9 billion reverse merger

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• WAFD

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Florida-based EverBank Financial has agreed to acquire WaFd, a smaller ⁠bank in the Pacific Northwest, in a $3.9 billion reverse ​merger transaction, ​the ​companies said on Monday.

The deal would create a regional bank with some $75 ⁠billion ‌in assets, the Wall Street Journal ⁠reported earlier on Monday, citing a statement from the companies.

Under the deal, EverBank will merge ‌into WaFd, with the latter remaining a publicly traded company ​after changing its name to EverBank Financial Corp and trading under the new ticker ⁠symbol EVBK on the Nasdaq.

Upon completion of the ‌transaction, EverBank investors will ‌collectively own about 59.2% of the pro forma combined company, with WaFd shareholders owning ⁠the remaining 40.8%.

The companies said the merger, ⁠which is expected to ⁠close in early 2027, is projected to increase WaFd's 2027 earnings ​per share ‌by roughly 29% and recoup tangible book value dilution in less than two years.

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