EverBank, WaFd agree $3.9 billion reverse merger to form regional bank
Florida-based EverBank Financial is moving to combine with Pacific Northwest lender WaFd in a $3.9 billion reverse merger that expands scale across regional banking. The transaction is set to leave WaFd as the listed entity under the EverBank Financial Corp name, with the combined company expected to hold about $75 billion in assets.
Highlights
- EverBank will merge into WaFd in a $3.9 billion reverse merger, with the combined entity renamed EverBank Financial Corp and listed on Nasdaq as EVBK.
- Upon closing in early 2027, EverBank investors will own 59.2% and WaFd shareholders 40.8% of the new company.
- The merger is projected to increase WaFd's 2027 earnings per share by 29% and create a regional bank with $75 billion in assets.
Deal structure and ownership terms
As reported by Reuters, EverBank will merge into WaFd under a reverse merger structure, with WaFd remaining publicly traded after changing its name to EverBank Financial Corp and adopting the Nasdaq ticker EVBK.When the transaction closes, EverBank investors are expected to own about 59.2% of the pro forma combined company, while WaFd shareholders will hold the remaining 40.8%. The companies say the deal is expected to close in early 2027.
Earnings outlook and regional banking impact
The companies project the merger will lift WaFd's 2027 earnings per share by roughly 29% and recover tangible book value dilution in less than two years.The combination brings together a Florida-based lender and a smaller Pacific Northwest bank, creating a regional bank with about $75 billion in assets. The enlarged balance sheet gives the merged company greater scale at a time when regional banks continue to focus on profitability, capital efficiency and market reach.
Spire Healthcare’s £1.03 billion takeover agreement was previously covered by our publication, outlining how a Toscafund-led consortium offered 250 pence per share after the company’s strategic review. We noted that the board backed the bid as the best available outcome, while highlighting how rising cost pressures such as higher national insurance contributions and minimum wage increases are weighing on the sector outlook.
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