Key Takeaways
- • EverBank and WaFd Inc. have agreed to a $3.9 billion reverse merger that will create a regional bank with approximately $75 billion in assets, combining a major digital consumer lender with an established regional banking platform.
- • WaFd will remain the publicly traded entity, changing its name to EverBank Financial and trading under the ticker "EVBK," while existing WaFd shareholders will own 40.8% of the combined company following the transaction.
- • The transaction is expected to close in early 2027, subject to customary regulatory approvals and closing conditions, bringing together two complementary financial institutions with distinct market positions.
- • The reverse merger structure positions EverBank Financial Corp. as the acquiring entity in the transaction, with WaFd Inc. as the surviving public company that will assume the EverBank brand and ticker symbol.
Summary
EverBank Financial Corp. and WaFd Inc. have entered into a definitive agreement to combine operations through a $3.9 billion reverse merger, creating a scaled regional bank with approximately $75 billion in total assets. The transaction represents a significant consolidation within the regional banking sector, uniting EverBank's digital consumer banking franchise with WaFd's established regional banking operations and customer base.
Under the terms of the agreement, WaFd Inc. will remain the publicly traded vehicle for the combined entity. Upon closing, WaFd will change its corporate name to EverBank Financial and will trade under the ticker symbol "EVBK." Existing WaFd shareholders will retain ownership of 40.8% of the combined company, while EverBank shareholders will hold the remaining stake. This structure allows the transaction to proceed as a reverse merger while maintaining WaFd's public company status post-combination.
The transaction is anticipated to close during the first quarter of 2027, contingent upon customary regulatory approvals, including review by applicable banking regulators, and satisfaction of standard closing conditions. The merger integrates two operationally distinct institutions: EverBank, known for its digital-first consumer banking platform, and WaFd, an established regional bank with a traditional branch network and regional market presence. The combination is designed to create operational scale while leveraging complementary business models and customer bases across both digital and traditional banking channels.
Under the terms of the agreement, WaFd Inc. will remain the publicly traded vehicle for the combined entity. Upon closing, WaFd will change its corporate name to EverBank Financial and will trade under the ticker symbol "EVBK." Existing WaFd shareholders will retain ownership of 40.8% of the combined company, while EverBank shareholders will hold the remaining stake. This structure allows the transaction to proceed as a reverse merger while maintaining WaFd's public company status post-combination.
The transaction is anticipated to close during the first quarter of 2027, contingent upon customary regulatory approvals, including review by applicable banking regulators, and satisfaction of standard closing conditions. The merger integrates two operationally distinct institutions: EverBank, known for its digital-first consumer banking platform, and WaFd, an established regional bank with a traditional branch network and regional market presence. The combination is designed to create operational scale while leveraging complementary business models and customer bases across both digital and traditional banking channels.
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