Jacksonville and Seattle – September 10, 2026 -- EverBank Financial Corp and WaFd, Inc. (NASDAQ: WAFD) have entered into a definitive merger agreement valuing the combination at $3.9 billion, creating a nationwide bank with more than 250 financial centers.
WaFd will absorb EverBank but adopt its name and new ticker EVBK
Under the deal structure, EverBank Financial Corp will merge into WaFd, Inc., with WaFd continuing as the surviving holding company. Despite being the legal survivor, WaFd will rename itself EverBank Financial Corp and begin trading on Nasdaq under the symbol EVBK once the transaction closes. EverBank has been designated the accounting acquirer, and its shareholders will receive WaFd common stock in exchange for their shares.
Deal promises 29% EPS accretion and 15% return on tangible common equity
The combined company is projected to deliver a return on tangible common equity of approximately 15% after full cost-synergy realization. WaFd, Inc. shareholders are expected to see 2027 EPS accretion of approximately 29%, with tangible book value dilution earned back in under two years.
WaFd Bank will merge into EverBank, N.A., shifting charter to national bank status
Following the holding company merger, WaFd Bank -- a Washington state-chartered commercial bank -- will merge into EverBank, N.A., a national banking association regulated by the Office of the Comptroller of the Currency. The combined bank will pair WaFd's commercial real estate lending expertise with EverBank's online consumer deposit base and 28 California financial centers.
Private equity backers will hold 59.2% of the combined company
EverBank Financial Corp investors -- including funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management, and TIAA -- will collectively own approximately 59.2% of the pro forma company. WaFd, Inc. shareholders will hold the remaining 40.8%.
Greg Seibly will lead the combined bank as CEO, Brent Beardall as president
EverBank's Greg Seibly will serve as chief executive officer of the merged entity, with WaFd's Brent Beardall taking the role of president. Robert Radway, EverBank Financial Corp's current chairman, will chair the combined bank and holding company board, which will seat 13 directors -- seven from legacy EverBank and six from legacy WaFd Bank.
Transaction targets early 2027 close, pending regulatory and shareholder approval
The merger is expected to close in early 2027 and be structured as tax-free for both sets of common shareholders. Completion remains subject to regulatory approval, WaFd, Inc. shareholder approval, and other customary closing conditions. J.P. Morgan and Piper Sandler Companies are advising EverBank financially, with Wachtell, Lipton, Rosen & Katz as legal counsel; Keefe, Bruyette & Woods is advising WaFd, with Simpson Thacher & Bartlett as legal counsel.