EverBank is using a reverse merger to combine with the smaller WaFd, with EverBank folding into WaFd. The publicly listed entity that remains will adopt the EverBank Financial Corp name and begin trading on the Nasdaq under the ticker EVBK when the deal completes. After closing, EverBank investors are set to own about 59.2% of the combined company on a pro forma basis, while WaFd shareholders would hold roughly 40.8%.
The companies' statement, cited by the Wall Street Journal, pegged the future institution at around $75 billion in assets. They are targeting an early 2027 close. The merger is projected to lift WaFd's 2027 earnings per share by approximately 29%, and any tangible book value dilution is expected to be earned back in under two years.
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If this closes on schedule, a rebranded EverBank Financial Corp would become a bigger regional player with a broader footprint and a new ticker to watch. For depositors and borrowers, the headline takeaways are scale and timing, with management touting earnings gains and a quick earnback on book value dilution. Translation: the combined bank expects to be more profitable by 2027, which can influence pricing, product breadth, and how competitive rates are in your neighborhood.
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