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EverBank Financial Corp and WaFd, Inc. (EVBK, WAFD) announced a $3.9 billion reverse merger on September 7, 2026.
Under the definitive agreement, EverBank Financial Corp will merge into WaFd, Inc., which will remain publicly traded but be renamed EverBank Financial Corp and list on Nasdaq under ticker EVBK. EverBank will be the accounting acquirer. Immediately afterward, WaFd Bank will merge into EverBank, N.A., which will continue as the operating bank.
EverBank investors, including funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management and TIAA, are expected to own about 59.2% of the combined company, and WaFd shareholders about 40.8%. The companies expect a pro forma return on tangible common equity of roughly 15% after cost synergies and approximately 29% 2027 EPS accretion for WaFd shareholders, with tangible book value dilution earn-back under two years. Closing is targeted for early 2027 and is expected to be tax-free to both sets of common shareholders, subject to regulatory and WaFd shareholder approvals.