EverBank Financial and WaFd agreed on September 7 to a $3.9 billion reverse merger that would create a United States regional bank with about $75 billion in assets. Reuters and Bloomberg reported the agreement after the lenders announced it, combining EverBank's national digital operation with WaFd's extensive branch network in the western United States.
Under the definitive agreement, privately held EverBank Financial will merge into publicly traded WaFd Inc. WaFd will remain the surviving financial holding company but will adopt the EverBank Financial name and trade on Nasdaq under the ticker EVBK. WaFd Bank will then merge into EverBank N.A., which will continue under a national bank charter.
EverBank investors will own about 59.2% of the combined company, while current WaFd shareholders will hold about 40.8%. The banks said the transaction should lift WaFd's 2027 earnings per share by approximately 29%, produce a roughly 15% return on tangible common equity after expected savings are fully achieved, and recover tangible book-value dilution in less than two years. Those projections are company estimates and depend on completion and integration.
The companies reported June 30 assets of $46.7 billion for EverBank and $27.6 billion for WaFd, alongside deposits of $37.7 billion and $21 billion respectively. The combined institution is expected to operate more than 250 financial centers across 11 states. EverBank contributes a substantial online consumer franchise and locations in California, Florida and New York, while Seattle-based WaFd brings more than 200 branches across nine western states.
EverBank chief executive Greg Seibly is set to lead the enlarged company as CEO, with WaFd chief executive Brent Beardall becoming president. Each combined board will have 13 directors, seven representing legacy EverBank and six representing legacy WaFd. The lenders said their complementary deposit channels and commercial lending businesses should broaden funding and revenue, including wealth-management and fee-income opportunities.
The merger is expected to close in early 2027, subject to regulatory clearance, approval from WaFd shareholders and customary conditions. Until then, the banks will operate separately and customers are not expected to see immediate changes to accounts, services, branches or deposit-insurance coverage. The required reviews and the integration of systems and operations remain the principal next steps before the new EverBank can begin operating as one institution.
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