EverBank Financial, based in Florida, has announced a $3.9 billion reverse merger to acquire Pacific Northwest Bank, WaFd.
According to a joint statement, the deal would create a regional bank with some $75 billion in assets.
Under the deal, EverBank will merge with WaFd, which will continue as a publicly traded company after rebranding itself as EverBank Financial Corp and trading under the new ticker EVBK on Nasdaq.
Upon completion of the transaction, EverBank investors will hold approximately 59.2% of the combined company’s pro forma, while WaFd shareholders will own the remaining 40.8%.
Greg Seibly, EverBank Financial Corp’s Chief Executive Officer, told investors, “Since 2023, EverBank has been on a journey to transform itself into a high-performing bank sharply focused on enabling our consumer and business clients to make the most of their money. We’re incredibly proud of what we’ve accomplished, all thanks to our dedicated associates. Today, we’re starting down an exciting new path with the merger of EverBank and WaFd Bank. Simply put, our two banks are stronger together. The combination of EverBank and WaFd Bank will open many new opportunities for nationwide growth and financial performance. By joining together, we’ll leverage our existing scalable consumer and commercial banking platforms to deliver high-value products and services to clients across the country in the ways that best meet their unique needs and goals. All of us at EverBank are looking forward to partnering with the WaFd Bank team to accomplish even greater things for our clients, employees and communities in the years ahead.”
Brent Beardall, WaFd, Inc. CEO and Vice Chairman, commented: “It is a privilege every day to work side by side with the WaFd team of bankers. This opportunity to partner with EverBank is an elegant fit, and it allows us to carry forward the ethos of WaFd and deliver improved returns for our shareholders. Both banks bring exceptional credit quality and strong capital to the partnership. We complement one another in several key strategic priorities. First, our core deposits supplement EverBank’s direct consumer online bank. Second, our extensive commercial real estate lending expertise will enrich their robust commercial and industrial lending channels. Third, EverBank’s 28 financial centers in California add needed scale to the market to better serve our clients. Collectively, I have no doubt that we are stronger together. I’m honored to work with Greg and our team to challenge the status quo for the banking industry.”
The companies announced that the merger, anticipated to complete in early 2027, is expected to boost WaFd’s 2027 earnings per share by approximately 29% and recover tangible book value dilution in under two years.
By CEO NA Editorial Staff
