Home / Business and Economy / EverBank and WaFd Forge $3.9 Billion Merger
EverBank and WaFd Forge $3.9 Billion Merger
8 Sep
Summary
- Two financial institutions agree to a $3.9 billion merger deal.
- Combined entity to operate under the EverBank Financial Corp. name.
- Existing EverBank investors will own a majority stake post-merger.
WaFd, Inc. and EverBank Financial Corp. have finalized a substantial $3.9 billion agreement to merge, creating a combined financial institution. This new entity will operate under the EverBank Financial Corp. name and is slated to be listed on the Nasdaq Stock Market, identified by the ticker symbol EVBK. The merger is structured such that EverBank Financial Corp. will merge into WaFd, Inc., with EverBank designated as the accounting acquirer. Upon completion, existing EverBank investors are expected to possess approximately 59.2% of the combined company's shares, while WaFd shareholders will hold about 40.8%. Greg Seibly will assume the role of chief executive officer, and Brent Beardall will serve as president. Seibly highlighted the strategic benefits of combining their consumer and commercial banking platforms for enhanced nationwide growth and financial performance. The boards of directors for both the combined holding company and the bank will each comprise 13 members. Legacy EverBank will appoint seven members, and legacy WaFd Bank will appoint six, with both Seibly and Beardall holding board seats. Robert Radway, the current chairman of EverBank Financial Corp., will lead the combined board as its chairman.
