WaFd Merges With Digital Lender EverBank in $3.9 Billion Deal
Seattle-based bank WaFd has agreed to merge with EverBank in a $3.9 billion deal. The combination, announced Monday (Sept. 7), will see WaFd remain a publicly traded company, changing its name to EverBank Financial, and trading on the stock market under the ticker “EVBK.” “EverBank and WaFd Bank have complementary businesses, and the combination of […] The post WaFd Merges With Digital Lender…
EverBank Financial and WaFd Bank have announced a $3.9 billion merger, set to take effect as of September. The new entity will retain EverBank's name and trade under the ticker symbol EVBK. Both companies have shifted their focus towards commercial banking, reducing their reliance on residential and consumer lending. EverBank is a digital bank with a few physical branches, while WaFd boasts over 200 branches across Washington and other Western states.
The CEOs of the two banks, Greg Seibly and Brent Beardal, emphasized that the combined bank's size will be crucial for its survival in the industry.
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