EverBank and WaFd Seal $3.9 Billion Reverse Merger, Merging Digital and Branch Banking

• Parties – EverBank Financial Corp (Jacksonville, FL) and WaFd, Inc. (Seattle, WA).

WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial

• Structure – A $3.9 billion reverse merger; EverBank merges into WaFd, which will rename itself EverBank Financial Corp and trade on Nasdaq as EVBK.

WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial CNBCWaFd Picks Up EverBank In A $3.9 Billion Reverse Merger

• Timing – Announced Monday, slated to close in early 2027 pending regulatory and shareholder approvals.

EverBank and WaFd announce merger to create a s...

• Geography – EverBank runs a national digital platform with centers in CA, FL and NY; WaFd operates >200 branches across nine western states.

WaFd And EverBank Announce $3.9 Billion Reverse Merger

• Mechanics – WaFd is the accounting acquirer; after the holding-company merger, WaFd Bank will merge into EverBank, N.A., which will retain the national bank charter.

WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial WaFd And EverBank Announce $3.9 Billion Reverse Merger CNBC

EverBank has been shifting toward a consumer-and-business banking model since 2023, while WaFd has focused on commercial banking and branch expansion. Analysts note that scale and a blend of digital and physical channels are increasingly important as younger customers bank online.

EverBank-WaFd Deal Bridges Banking’s Digital and Branch Divi… WaFd and EverBank merge in a $3.9B deal to form...

• Deal valuation – Up to 107.7 million WaFd shares at $36.30 each.

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• Pro-forma assets – About $75 billion.

WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial

• Deposits & loans – Roughly $59 billion in deposits and $58 billion in loans.

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• EPS accretion – Projected 29 % earnings-per-share growth in 2027.

EverBank and WaFd announce merger to create a s...

• Return on tangible common equity – Expected ~15 % after cost-synergy realization.

EverBank and WaFd announce merger to create a s...

• Ownership split – EverBank investors ~59.2 %, WaFd shareholders ~40.8 %.

WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial

• Branch network – Combined entity will operate >250 financial centers, merging WaFd’s >200 branches with EverBank’s 28 California centers.

WaFd And EverBank Announce $3.9 Billion Reverse Merger

The merger creates a top-50 U.S. bank by assets, reflecting ongoing consolidation for scale. Combining EverBank’s digital reach with WaFd’s branch network positions the new bank to serve both digitally-native customers and commercial clients, while the projected financial upside may spur similar deals.

WaFd and EverBank merge in a $3.9B deal to form... WaFd And EverBank Announce $3.9 Billion Reverse Merger WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial

WaFd CEO Brent Beardall called the partnership “an elegant fit,” noting that WaFd’s core deposits will complement EverBank’s online platform and that WaFd’s commercial-real-estate expertise will enhance EverBank’s industrial-lending. Executives said the transaction is expected to be tax-free for shareholders and will proceed once approvals are secured.

WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial

• “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,” — Greg Seibly, EverBank CEO

WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial

• Closing – Early 2027, subject to regulatory clearance and WaFd shareholder approval.

WaFd Enters $3.9B Reverse Merger Transaction with EverBank Financial

• Leadership – Post-closing, Greg Seibly will be CEO and Brent Beardall president; the board will have 13 directors (seven EverBank, six WaFd).

WaFd And EverBank Announce $3.9 Billion Reverse Merger

• Strategic focus – Integration of digital and branch services, pursuit of the projected 15 % return on tangible equity, and expansion of wealth-management and commercial-lending capabilities.

EverBank and WaFd announce merger to create a s...