JACKSONVILLE, Fla. \u2014 WaFd, Inc. and EverBank Financial Corp. have entered into a $3.9 billion reverse merger agreement to combine the two financial institutions, EverBank announced Monday. <\/p>\n
Upon completion of the transaction, the combined holding company will take the EverBank Financial Corp. name and trade on the Nasdaq Stock Market under the ticker symbol EVBK, according to a news release from EverBank.<\/p>\n
>>> STREAM ACTION NEWS JAX LIVE <<<<\/b><\/a><\/p>\n Action News Jax told you in February when the City of Jacksonville offered EverBank $10 million<\/b><\/a> to keep its headquarters downtown. The Downtown Investment Authority later rejected that deal<\/b><\/a>.<\/p>\n Under the terms of the deal, EverBank Financial Corp. will merge into WaFd, Inc., with EverBank designated as the accounting acquirer. Following the transaction, existing EverBank investors will own approximately 59.2% of the combined company, while WaFd shareholders will hold roughly 40.8%, the release detailed.<\/p>\n Greg Seibly will serve as chief executive officer of the combined bank, while Brent Beardall will serve as president. Seibly, chief executive officer of EverBank Financial Corp., pointed to shared growth opportunities across consumer and commercial banking platforms. <\/p>\n [DOWNLOAD: <\/b>Free Action News Jax app for alerts as news breaks<\/b><\/a>]<\/b><\/p>\n \u201cSince 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,\u201d Seibly said in the news release. \u201cWe\u2019re incredibly proud of what we\u2019ve accomplished, all thanks to our dedicated associates. Today, we\u2019re 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\u2019ll 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.\u201d<\/p>\n The combined holding company and bank boards of directors will each consist of 13 members. Legacy EverBank will designate seven seats, while legacy WaFd Bank will designate six seats, with both Seibly and Beardall holding board positions, the news release said. Robert Radway, current chairman of EverBank Financial Corp., will serve as chairman of the combined board.<\/p>\n Beardall, chief executive officer and vice chairman of WaFd, Inc., emphasized the complementary strategic alignment between the two institutions. <\/p>\n [SIGN UP: <\/b>Action News Jax Daily Headlines Newsletter<\/b><\/a>] <\/b><\/p>\n \u201cIt is a privilege every day to work side by side with the WaFd team of bankers,\u201d Beardall said in the news release. \u201cThis 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\u2019s direct consumer online bank. Second, our extensive commercial real estate lending expertise will enrich their robust commercial and industrial lending channels. Third, EverBank\u2019s 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\u2019m honored to work with Greg and our team to challenge the status quo for the banking industry.\u201d<\/p>\n Operationally, WaFd Bank will merge into EverBank, N.A., which will continue as an institution chartered by the Office of the Comptroller of the Currency. The tax-free transaction remains subject to regulatory approval, approval by WaFd shareholders and customary closing conditions.<\/p>\n The merger is expected to close in early 2027. <\/p>\n Click here<\/b><\/a> to download the free Action News Jax news and weather apps, <\/b>click here<\/b><\/a> to download the Action News Jax Now app for your smart TV and <\/b>click here<\/b><\/a> to stream Action News Jax live.<\/b><\/p>\n Action News Jax Top Stories<\/p>\n","protected":false},"excerpt":{"rendered":"JACKSONVILLE, Fla. \u2014 WaFd, Inc. and EverBank Financial Corp. have entered into a $3.9 billion reverse merger agreement…\n","protected":false},"author":3,"featured_media":571570,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5136],"tags":[420363,7320,5229,7323,420361,3188,723,7324,7310,7327,7325,420362,7326,67,586,132,5230,68,2969,420360,7322,7321],"class_list":["post-1049752","post","type-post","status-publish","format-standard","has-post-thumbnail","category-jacksonville","tag-3-9-billion","tag-action-news-jax","tag-america","tag-cbs47","tag-everbank-financial-corp","tag-fl","tag-florida","tag-fox30","tag-jacksonville","tag-jacksonville-fl","tag-northeast-florida","tag-reverse-merger-agreement","tag-southeast-georgia","tag-united-states","tag-united-states-of-america","tag-unitedstates","tag-unitedstatesofamerica","tag-us","tag-usa","tag-wafd","tag-wfox","tag-wjax"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/117232325533606663","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1049752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=1049752"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/1049752\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/571570"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=1049752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=1049752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=1049752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}