Florida-based EverBank Financial has agreed to acquire Pacific Northwest lender WaFd in a $3.9 billion reverse merger that will create a regional bank with approximately $75 billion in assets.
The transaction, announced Monday, will see EverBank merge into WaFd, with the combined company continuing as a publicly traded entity under the new name EverBank Financial Corp. The company will trade on the Nasdaq under the new ticker symbol EVBK.
According to the agreement, EverBank shareholders will own approximately 59.2% of the combined company, while WaFd shareholders will hold the remaining 40.8%.
New Regional Bank Created Through Reverse Merger
The deal will significantly expand EverBank’s presence by combining its operations with WaFd, a smaller regional bank serving customers across the Pacific Northwest.
The merged institution is expected to have around $75 billion in assets, strengthening its position among U.S. regional banks.
The transaction structure allows WaFd to remain publicly listed while adopting EverBank’s name and branding following completion of the merger.
Merger Expected to Boost Earnings
The companies said the transaction, which is expected to close in early 2027, is projected to increase WaFd’s 2027 earnings per share by approximately 29%.
The merger is also expected to recover tangible book value dilution within less than two years, according to company estimates.
The deal reflects continued consolidation among regional banks as financial institutions seek greater scale, stronger balance sheets, and improved operational efficiency.
