EverBank and WaFd announce $3.9 billion reverse merger

EverBank and WaFd announce $3.9 billion reverse merger

Tue, September 8, 2026 at 5:08 PM GMT+3 2 min read

• WAFD -3.33%

EverBank Financial Corp and WaFd, Inc. announced a definitive merger agreement on Monday valued at $3.9 billion, combining the Jacksonville, Florida-based online bank with the Seattle-based regional lender.

Under the terms of the deal, EverBank Financial Corp will merge into WaFd, Inc., with WaFd serving as the surviving publicly traded holding company; it will subsequently rebrand as EverBank Financial Corp and list on Nasdaq with the ticker symbol EVBK. EverBank Financial Corp will be designated as the accounting acquirer. At the bank level, WaFd Bank will merge into EverBank, N.A., with EverBank continuing as the federally chartered bank.

When the transaction closes, EverBank Financial Corp investors — including funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management, along with TIAA — are expected to hold roughly 59.2% of the merged entity. WaFd, Inc. shareholders will hold the remaining 40.8%.

The companies said the transaction is projected to produce a return on tangible common equity of approximately 15% after full cost synergies are realized. For WaFd shareholders, the deal is forecast to grow 2027 earnings per share by around 29%, with any tangible book value dilution recovered within two years.

Greg Seibly, EverBank Financial Corp's chief executive officer, will lead the combined bank, with WaFd, Inc. CEO and Vice Chairman Brent Beardall serving as president. The board of the combined holding company will have 13 members — seven representing legacy EverBank and six representing legacy WaFd — with Robert Radway, currently EverBank Financial Corp's chairman, serving as chairman.

"Our two banks are stronger together," Greg Seibly said in a statement. "The combination of EverBank and WaFd Bank will open many new opportunities for nationwide growth and financial performance."

Brent Beardall said in a statement that WaFd's core deposits complement EverBank's direct consumer online bank, and that the two institutions also bring together commercial real estate lending expertise and an expanded California branch network.

The combined bank will operate more than 250 financial centers, the companies said. The deal is structured to be tax-free for common shareholders of both companies.

The transaction requires regulatory approval and WaFd shareholder approval and is expected to close in early 2027. J.P. Morgan and Piper Sandler Companies are advising EverBank Financial Corp, while Keefe, Bruyette & Woods, a Stifel company, is advising WaFd, Inc.