EverBank to combine with WaFd in $3.9 billion reverse merger

Sept 7 — 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.

(Reporting ‌by Natalia Bueno ​Rebolledo in Mexico ‌City and Aatreyee ⁠Dasgupta ​in Bengaluru; Editing by Franklin Paul and Paul ​Simao)

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