WaFd's EverBank Merger Deal: A Boost to Earnings & Scale?

WAFD announced a merger with EverBank Financial Corp targeting an early 2027 close. The combined entity projects 29% earnings-per-share accretion in 2027 and will operate under the EverBank Financial Corp name. Legacy EverBank investors will control 59.2% of the merged company, with WAFD shareholders holding 40.8%.

The transaction aims to bolster funding stability by combining deposit bases and expands the footprint in commercial banking and wealth management. The deal represents a meaningful shift in ownership structure for WAFD, with current shareholders becoming the minority stake in the successor entity.

WAFD has framed the combination as a scale play designed to enhance earnings power and diversify revenue streams through EverBank's existing capabilities. The nearly two-year timeline to close suggests regulatory review and integration planning will extend well into 2026.