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EverBank and WaFd Announce $3.9 Billion Reverse Merger
Florida-based EverBank Financial will combine with Pacific Northwest bank WaFd in a $3.9 billion reverse merger, the companies announced on Monday. The deal is set to create a significant regional bank with approximately $75 billion in total assets.
Transaction Details
Under the terms of the agreement, EverBank will merge into WaFd, which will remain the publicly traded legal entity. Following the merger, WaFd will be renamed EverBank Financial Corp and its stock will trade under the new ticker symbol EVBK on the Nasdaq exchange.
The ownership structure of the combined company will be split between the two banks' current investors. Upon completion, EverBank investors will hold a majority stake of approximately 59.2% of the pro forma company, with existing WaFd shareholders owning the remaining 40.8%.
AdFinancial Outlook and Timeline
The companies project the merger will deliver significant financial benefits. The transaction is expected to be roughly 29% accretive to WaFd's 2027 earnings per share. Additionally, the deal is structured to recoup any tangible book value dilution in less than two years.
The merger is anticipated to close in early 2027, pending customary regulatory approvals and shareholder consent. The announcement confirms an earlier report by the Wall Street Journal citing a statement from the companies.
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