EverBank to combine with WaFd in $3.9 billion reverse merger

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.

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.

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.

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.