NewsNovo
The case here is that EverBank Financial Corp is acquiring a public listing without an IPO, and WaFd is the vehicle.
The two banks have agreed to a $3.9 billion reverse merger under which EverBank Financial will be treated as the accounting acquirer, even though WaFd's publicly traded shell survives the transaction, renamed as EverBank Financial and moved to Nasdaq under the ticker EVBK.
EverBank Financial's investors, funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management, and TIAA, are expected to own approximately 59.2% of the combined company on a pro forma basis, with WaFd shareholders holding the remaining 40.8%.
The deposit logic runs like this: WaFd Bank brings commercial customers and EverBank brings retail, and the combined entity would operate through more than 250 financial centres with limited dependence on wholesale funding, according to the companies.
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