WaFd Inc. and EverBank Financial Agree to Merge in a Reverse Merger Deal
WaFd Inc., a Seattle-based bank holding company, and EverBank Financial, based in Jacksonville, Florida, have agreed to a merger. In this reverse merger, WaFd Inc. will acquire EverBank Financial, and the holding company will rebrand as EverBank Financial. The merged company will be a regional bank with approximately $75 billion in assets, expected to generate $788 million in pro forma net income by 2027. WaFd Inc. is the parent of WaFd Bank, which operates 212 branches across nine states. EverBank Financial is a digital-only bank with 42 branches in Florida, New York, and California. The deal is structured as an all-stock transaction where WaFd Inc. will issue 103 million shares to fund the merger. EverBank's shareholders, primarily private-equity investors, will own 59.2% of the merged company. Brent Beardall, CEO of WaFd, said the combination will allow the banks to leverage complementary strengths. Greg Seibly, CEO of the merged company, stated that the two banks are stronger together and will offer additional wealth management services.
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