EverBank to combine with WaFd in $3.9 billion reverse merger
Florida-based EverBank Financial has entered into a $3.9 billion reverse merger agreement to acquire WaFd, a smaller bank in the Pacific Northwest, according to a statement released on Monday. The combined entity would become a regional bank with approximately $75 billion in assets, as reported earlier by the Wall Street Journal.
In the merger, EverBank will integrate into WaFd, with WaFd retaining its publicly traded status after renaming itself to EverBank Financial Corp and transitioning to the Nasdaq under the ticker symbol EVBK. Following the completion of the transaction, EverBank investors will collectively hold approximately 59.2% of the combined company, while WaFd shareholders will own the remaining 40.8%.
The merger, anticipated to conclude in early 2027, is expected to boost WaFd's 2027 earnings per share by roughly 29% and help recover tangible book value dilution within less than two years.
Written by urgent.news from Investing.com's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
