Florida-based EverBank Financial has agreed to acquire Pacific Northwest lender WaFd in a $3.9 billion reverse merger, creating a powerful multi-regional banking franchise.
📌 Key Transaction Metrics & Financial Figures:
- $3.9 Billion Deal Value: EverBank will merge into WaFd, maintaining public listing on the Nasdaq under the new ticker EVBK (EverBank Financial Corp).
- ~$75 Billion Combined Assets: Scaled pro-forma asset base significantly expands regional banking footprint.
- 59.2% vs. 40.8% Ownership Split: EverBank investors will hold 59.2% of the combined entity, with WaFd shareholders retaining 40.8%.
- +29% EPS Accretion in 2027: Expected to boost WaFd’s 2027 earnings per share by roughly 29%.
- <2-Year Book Value Earn-Back: Tangible book value dilution is projected to be recouped in less than two years.
💡 Strategic Positioning & Timeline:
- Streamlined Public Transition: Enables EverBank to gain public equity market access directly via WaFd’s existing Nasdaq vehicle.
- Target Closing: The transaction is expected to close in early 2027, subject to customary regulatory approvals.