WaFd agrees $3.9 billion EverBank merger

• WaFd and EverBank Financial Corp agreed to merge in a transaction valued at $3.9 billion, creating a larger banking group.
• EverBank investors are expected to own 59.2% of the combined company, while WaFd shareholders will hold 40.8%.
• The companies said the merger is expected to expand nationwide banking operations and generate cost synergies.

WaFd (NASDAQ:WAFD) agreed to merge with EverBank Financial Corp in a $3.9 billion transaction that will combine the Seattle-based regional lender with the Jacksonville-based online bank.

Under the agreement, WaFd will remain the publicly traded holding company after the merger before rebranding as EverBank Financial Corp and trading on Nasdaq under the ticker symbol EVBK.

The companies said EverBank Financial Corp investors are expected to own approximately 59.2% of the combined entity, while WaFd shareholders will own the remaining 40.8%, with the transaction expected to close in early 2027.

The companies said the combined bank is expected to operate more than 250 financial centers and generate approximately 15% return on tangible common equity after full cost synergies are achieved, while WaFd shareholders are projected to see 2027 earnings per share growth of about 29%.

WaFd operates as a regional banking institution focused on commercial and consumer banking, while EverBank provides online banking services, lending products, and financial solutions through its national platform.