Below is an important message from one of our highly valued sponsors. Please read it carefully as they have some special information to share with you.

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Hey, take a look at this.

That’s Elon Musk having dinner with the President back in January.

Elon posted it himself.

His caption?

“2026 is going to be amazing.”

And guess what’s happening now?

>>> Washington is clearing the runway for

Elon’s Biggest Project To Date <<<

1. Elon filed a plan with the FCC to quite literally take over the AI industry… From outer space.
2. Trump signed an order gutting the red tape around commercial space launches
3. He also signed a second order pushing NASA to hand its work to private companies (aka SpaceX)

After thirty years on Wall Street, I can tell you: nothing is a coincidence.

And what Elon’s doing in AI is exactly what he’s done his entire career.

Take an industry, and make it his.

He took over mobile payments PayPal.

He took over electric cars with Tesla.

And he took over commercial space launches SpaceX.

NOW…

He’s doing it with Artificial Intelligence.

Every single time, people who were positioned early for Elon’s NEXT PROJECT walked away millionaires.

By my estimate, he’s already minted over 100,000 of them.

But I believe this one could be his biggest yet.

I believe we could see as many as 1.8 million new “Musk Millionaires”

from Elon’s AI takeover.

And there’s one company sitting at the dead center of his plan.

It isn’t Tesla. It isn’t SpaceX.

SPOILER: It’s not even a company Elon owns.

It’s a name almost nobody’s talking about, and it still trades for less than $100.

I put the whole story into my brand-new FREE Millionaire Maker Masterclass.

When you join I’ll show you exactly what Elon filed…

Why I believe he’s the only man alive who can pull it off…

And how to position yourself before September 25th.

[ >>> JOIN MY FREE Millionaire Maker Masterclass NOW <<< ]

Sincerely,

James Altucher

Hey there, bargain hunter. On Monday, September 7, 2026, WaFd, Inc. and EverBank Financial Corp announced what the companies described as a $3.9 billion reverse merger that will create a roughly $75 billion-asset institution and hand a new Nasdaq ticker, EVBK, to a company that used to be called WaFd.

Scoreboard

Per the companies’ announcement and deal materials filed with the SEC, EverBank merges into WaFd, with WaFd surviving as the publicly traded holding company under the new name EverBank Financial Corp and ticker EVBK on Nasdaq. EverBank investors end up owning about 59.2% of the combined company, WaFd shareholders the remaining 40.8%. The deal is expected to close in early 2027 and is projected to increase WaFd’s 2027 earnings per share by roughly 29%, with tangible book value dilution earn-back projected at about two years.

What Is Actually Going On Here

EverBank operates primarily as a digital bank supplemented by dozens of financial centers, while WaFd has a branch network spanning nine Western states. Two very different banks with two very different problems. The deal would diversify funding and accelerate WaFd’s transition away from its roots as a traditional thrift.

As of June 30, 2026, single-family residential was about 36% of WaFd’s net loans, while its return on tangible common equity was about 11% for the quarter. That number is the embarrassing one. It is also the number management is betting this deal fixes.

The Data That Matters

In the investor materials, the combined franchise targets roughly $75 billion in assets, 74% commercial loans, about $58 billion in loans, a 2027 efficiency ratio of 45%, a 15%-plus 2027 return on average tangible common equity, about $59 billion in deposits with 82% insured, and run-rate earnings above $865 million.

WaFd’s own balance sheet coming in: as of June 30, 2026, WaFd’s book value per share stood at $36.81 and tangible book value per share at $30.82, with the stock trading at roughly 104% of book value and 125% of tangible book value (based on the deal deck’s stated market date of September 4, 2026). That 125% price-to-tangible-book is the number bargain hunters need to sit with.

Is It Cheap?

Here is the friction. WaFd was already trading above tangible book before this deal was announced. The merger disclosures flag tangible book value per share dilution of 8.6% at close, with the earn-back projected at about two years. So on day one of EVBK trading, you are holding a stock that has taken an 8.6% tangible book haircut and is banking on synergies arriving on schedule in a regulatory environment that is still being tested.

Management argues the enhanced financial performance of the combined bank implies a 25% to 45% increase in value creation for shareholders, with 2027 fully synergized EPS accretion of approximately 29% and run-rate earnings of $865 million. If those numbers land, the price-to-tangible-book compression from dilution gets erased quickly. If they slip, WaFd shareholders are underwater on book value with a bigger, harder-to-manage institution.

Bull / Base / Bear

• Bull: Synergies arrive on schedule. The 15%-plus ROTCE target is hit in 2027. EVBK re-rates toward peers like Western Alliance, which has historically traded above 1.5x tangible book. Significant upside from current levels.
• Base: Synergies run six to twelve months late. Tangible book dilution takes closer to three years to recover. The stock grinds sideways through 2027. KRE keeps the stock company.
• Bear: Regulatory approvals, shareholder approval, integration execution, and delivery of projected synergies all remain key hurdles ahead of the expected early-2027 closing. A protracted OCC or Federal Reserve review, or an integration stumble, could compress multiples sharply for a stock already priced for a deal that has not closed.

Action Plan

WAFD is the live ticker until close. EverBank’s backers include Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management, and TIAA, who will collectively hold 59.2% of EVBK. That is a lot of private-equity firepower that wants an exit at a good price. Their incentive and yours are aligned, for now.

If you want in, the patient trade is to wait for regulatory clarity and scale into WAFD or EVBK in two tranches: one at announcement confirmation, one after OCC and Federal Reserve approvals. Size conservatively. The 29% EPS accretion story is real if it closes; the book value math is punishing if it does not.

Cheap Investor Checklist

• Deal closes on schedule, early 2027: watch for OCC and Federal Reserve sign-off
• Tangible book value dilution stays near the guided 8.6%, not worse
• TBV earn-back confirmed at about two years by 2027 guidance
• 2027 ROTCE tracking toward 15%-plus, not the ~11% WaFd posted standalone
• Efficiency ratio moving toward the guided 45% as integration costs roll off
• EverBank’s digital deposit base holding its stickiness post-merger
• Commercial loan mix reaching the guided 74% of the combined loan book
• No material credit deterioration in WaFd’s legacy single-family mortgage portfolio

Bottom Line

If the synergies are real and the regulators play along, EVBK enters 2027 as a legitimately cheap regional bank: roughly $75 billion in assets, 15%-plus ROTCE, and about 29% more EPS than WaFd was generating alone. If either condition fails, you are holding diluted book value with integration risk baked in at a premium multiple. This is a buy-on-confirmation trade, not a buy-on-announcement one.