Banking mega-merger is glum news for side hustles
WAFD•Context on the deal
EverBank Financial, which is both owned by and specializes in lending to private equity firms, announced on September 7 that it was merging with regional bank WaFd, formerly known as Washington Federal.
JPMorgan and Piper Sandler served as financial advisers to EverBank. Keefe, Bruyette & Woods advised WaFd.
Breakingviews column on the merger
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Stephen Gandel
NEW YORK, Sept 8 (Reuters Breakingviews) - A new tie-up between US lenders creates an institution with $75 bln in assets and an exit for the private-equity backers of EverBank. It also diversifies the specialty firm, which rode the growth of non-bank upstarts but faces pressure as rules loosen and private credit slows.
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