WaFd to acquire EverBank in reverse merger; brand to emerge as EverBank after closing
WaFd Bank, which maintains a large Boise-area presence, will acquire EverBank Financial of Jacksonville in a reverse merger. The deal values WaFd at about $2.7 billion and EverBank at about $3.9 billion, with EverBank’s shareholders owning about 59.2% of the merged company, which will be renamed EverBank. A transition period will integrate operations and systems, with cost synergies projected at roughly 15% and potential layoffs. The combined entity will expand West Coast and California operations through EverBank’s assets, while continuing EverBank’s digital-focused approach; the brand transition and closing timeline will be announced at completion.