EverBank and WaFd Agree to $3.9 Billion Reverse Merger

EverBank Financial Corp and WaFd, Inc. have agreed to a $3.9 billion reverse merger that will combine the two institutions into a single holding company trading on the Nasdaq under the ticker EVBK. The deal unites two regional banking footprints, with the resulting entity operating under the EverBank name.

"Since 2023, EverBank has been on a journey to transform itself into a high-performing bank sharply focused on enabling our consumer and business clients to make the most of their money," said Greg Seibly, Chief Executive Officer of EverBank Financial Corp, in a press release.

Transaction Structure and Ownership Stakes

Under the terms of the definitive agreement, EverBank Financial Corp will merge into WaFd, Inc., with the combined organization adopting the EverBank identity. Existing investors in EverBank, including private equity and asset management firms such as Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management, and TIAA, will hold approximately 59.2% of the pro forma combined company.

Meanwhile, existing shareholders of WaFd, Inc. will retain a 40.8% stake in the merged entity. The transaction is structured as a tax-free reorganization for common shareholders of both participating institutions.

Executive Leadership and Integration Timeline

"It is a privilege every day to work side by side with the WaFd team of bankers. This opportunity to partner with EverBank is an elegant fit, and it allows us to carry forward the ethos of WaFd and deliver improved returns for our shareholders," commented Brent Beardall, CEO and Vice Chairman of WaFd, Inc.

The completion of the $3.9 billion combination depends on several customary conditions, including regulatory clearances and the approval of WaFd, Inc. shareholders. Leadership anticipates that the transaction will close in early 2027.

What Is at Stake for Banking Markets

The combination highlights ongoing consolidation within the regional banking sector as institutions seek scale, diversified deposit bases, and improved operational efficiencies. By pairing EverBank's institutional backing with WaFd's regional franchise, the newly formed holding company aims to navigate shifting interest rate environments and capital requirements while expanding its competitive reach on the Nasdaq exchange.