EverBank and WaFd Agree to $3.9 Billion Reverse Merger

On Sept. 7, EverBank Financial, based in Florida, agreed to acquire WaFd, a smaller Pacific Northwest bank, in a $3.9 billion reverse merger, the companies said Monday.

The transaction would form a regional bank with approximately $75 billion in total assets, the Wall Street Journal reported earlier Monday, citing a company statement.

As part of the agreement, EverBank will merge into WaFd, which will keep its public listing and adopt the name EverBank Financial Corp, trading on the Nasdaq under the new ticker symbol EVBK.

Once the deal closes, EverBank investors are set to own approximately 59.2% of the combined pro forma company, while WaFd shareholders will hold the remaining 40.8%.

The companies stated that the merger, expected to finalize in early 2027, is anticipated to boost WaFd's 2027 earnings per share by about 29% and offset tangible book value dilution in under two years.