EverBank Financial, based in Florida, has agreed to a reverse merger with WaFd, a smaller bank headquartered in the Pacific Northwest, creating a combined entity valued at approximately $75 billion.
The agreement was announced as a way to combine the two institutions, though specific details regarding the integration and potential operational changes were not immediately available. The merger is structured as a reverse merger, a financial maneuver where a private company or a smaller public company acquires a public company to become a public entity itself or to gain control of the public company.
EverBank, known for its consumer and commercial banking services, will join forces with WaFd, which has a regional focus. The combined bank aims to leverage the strengths of both institutions to expand its market reach and service offerings. This strategic move is expected to result in a more competitive financial institution within the U.S. banking sector.