EverBank and WaFd Agree to $3.9B Reverse Merger Creating $75B Regional Bank
EverBank Financial has agreed to acquire WaFd in a $3.9 billion reverse merger, forming a regional bank with roughly $75 billion in assets. Under the deal, EverBank will merge into WaFd, which will remain publicly traded and be renamed EverBank Financial Corp, trading as EVBK on Nasdaq.
The transaction is structured as a reverse merger, with EverBank absorbing into WaFd, though EverBank’s investors will hold a 59.2% stake in the combined entity. WaFd’s shareholders will own the remainder, and the surviving company will adopt the EverBank name and trade under the EVBK ticker on Nasdaq. The deal is expected to close in early 2027.
Management projects the merger will boost WaFd’s 2027 earnings per share by about 29% and recover tangible book value dilution in under two years. The combined bank would hold roughly $75 billion in assets, spanning Florida and the Pacific Northwest, creating a larger regional footprint.
This merger could reshape regional banking competition, giving the combined institution greater scale to invest in technology and lending while potentially reducing branch overlap in the Northwest. Customers may see changes in fees, product offerings, or service locations, though integration risks could delay benefits. Shareholders of both banks face near-term dilution but may gain from projected earnings growth. The deal also signals continued consolidation among mid-sized banks seeking efficiency in a higher-rate environment.