$3.9 billion reverse merger: EverBank merges into WaFd to form regional bank with $75 billion in assets
EverBank will combine with Pacific Northwest bank WaFd in a $3.9 billion deal expected to close in early 2027, creating a regional bank with approximately $75 billion in assets.
Florida-based EverBank Financial agreed to acquire WaFd in a transaction valued at $3.9 billion, according to the companies statement on Monday. The deal involves a reverse merger where EverBank merges into WaFd, which will retain its public status. WaFd will change its name to EverBank Financial Corp and trade under the new ticker symbol EVBK on the Nasdaq. Following the transaction, EverBank investors own about 59.2% of the pro forma combined company, while WaFd shareholders hold 40.8%. The merger is projected to close in early 2027. Analysts from the Wall Street Journal reported that the deal would result in a regional bank with some $75 billion in assets. Upon completion, earnings per share for WaFd are expected to increase by roughly 29% in 2027. The companies stated the transaction will recoup tangible book value dilution in less than two years.
