EverBank to combine with WaFd in $3.9 billion reverse merger
Tweet
Share
E-mail
FILE PHOTO: A screen displays trading information, as Wall Street's main indexes opened higher on Wednesday, outside the Nasdaq Market site in New York City, August 5, 2026. REUTERS/Shannon Stapleton
Sept 7 (Reuters) - Florida-based EverBank Financial has agreed to acquire WaFd, a smaller bank in the Pacific Northwest, in a $3.9 billion reverse merger transaction, the companies said on Monday.
The deal would create a regional bank with some $75 billion in assets, the Wall Street Journal reported earlier on Monday, citing a statement from the companies.
Under the deal, EverBank will merge into WaFd, with the latter remaining a publicly traded company after changing its name to EverBank Financial Corp and trading under the new ticker symbol EVBK on the Nasdaq.
Upon completion of the transaction, EverBank investors will collectively own about 59.2% of the pro forma combined company, with WaFd shareholders owning the remaining 40.8%.
The companies said the merger, which is expected to close in early 2027, is projected to increase WaFd's 2027 earnings per share by roughly 29% and recoup tangible book value dilution in less than two years.
(Reporting by Natalia Bueno Rebolledo in Mexico City and Aatreyee Dasgupta in Bengaluru; Editing by Franklin Paul and Paul Simao)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Activist investor presses Xerox to review financial services arm - Bloomberg
- GameStop beats second quarter estimates on collectibles
- First Hydrogen signs deal to acquire 60% stake in robotics IP firm
Create E-mail Alert Related Categories
ReutersRelated Entities
Earnings, Definitive AgreementSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
