Jacksonville-based EverBank and Seattle-based WaFd announced Monday that they have entered into a $3.9 billion reverse merger agreement, combining the two financial institutions into a single company that will keep the EverBank name and trade on the Nasdaq under the ticker symbol EVBK. The deal, expected to close in early 2027, would fold WaFd's roughly 200-plus branch network across nine western states into EverBank's digital-first consumer banking model and Florida, California and New York financial centers.
Under the terms of the agreement, EverBank Financial Corp. will technically merge into WaFd, Inc., with WaFd issuing 103.1 million shares to complete the transaction, according to Action News Jax. Despite merging into the publicly traded WaFd entity, EverBank is designated as the accounting acquirer, and existing EverBank investors will end up owning approximately 59.2% of the combined company, with WaFd shareholders holding the remaining 40.8%. Once finalized, the combined holding company will be renamed EverBank Financial Corp.
The banks describe the pairing as complementary rather than overlapping. WaFd's commercial real estate lending expertise is expected to enrich EverBank's commercial and industrial lending channels, while WaFd's core deposits will supplement EverBank's direct consumer online bank. EverBank currently operates 28 financial centers in California, and the company says its California footprint will add scale to that market once combined with WaFd's existing western branches.
Who Runs the Combined Bank
Leadership will be split between the two legacy companies. WaFd's Brent Beardall will serve as president of the combined bank, while Greg Seibly will serve as chief executive officer, and both executives will hold seats on both boards. Robert Radway will serve as chairman of the combined board, which will consist of 13 members, with legacy EverBank designating seven board seats and legacy WaFd designating six.
Seibly said the merger will create new opportunities for nationwide growth and financial performance, according to Action News Jax. Beardall, for his part, said the two institutions have complementary strategic priorities. Operating bank charters will consolidate under EverBank, N.A., with WaFd Bank merging into EverBank, N.A., which will continue as an institution chartered by the federal Office of the Comptroller of the Currency — absorbing WaFd Bank's previous Washington state commercial bank charter, according to the same report.
The transaction is structured as tax-free and remains subject to customary closing conditions, along with regulatory approval and approval by WaFd shareholders before it can close in early 2027.
A Familiar Jacksonville Backdrop
The merger announcement lands against a backdrop of recent local tension over EverBank's downtown Jacksonville presence. In February, the city of Jacksonville had offered EverBank $10 million to keep its headquarters downtown, but the Downtown Investment Authority rejected the incentive deal, according to Action News Jax. Hoodline previously reported on EverBank's request for roughly $10 million in tax incentives amid concerns over elevated downtown parking and security costs, and the bank went on to sign a lease renewal in July for 174,000 square feet at 301 W. Bay St., the EverBank Center, keeping its headquarters presence in the city's urban core, per the Jacksonville Daily Record.
EverBank's history includes a stretch of private-equity ownership. The bank returned to private hands in August 2023 when TIAA completed the sale of TIAA Bank to an investment consortium led by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management, which led to its rebranding back to EverBank, according to Wikipedia. TIAA had originally acquired EverBank in 2017 for $2.5 billion.
WaFd's Recent Strategic Shifts
WaFd has been reshaping its business for the past few years. In March 2024, the Seattle-based bank completed a $654 million all-stock acquisition of Santa Rosa, California-based Luther Burbank Corporation, adding $8.2 billion in assets and 10 full-service branches in California, according to Holland & Knight. Then in January 2025, WaFd completely exited single-family mortgage originations to refocus on commercial real estate and business banking, a pivot that resulted in an 8% workforce reduction of roughly 174 positions and $17 million in annual cost savings, Hoodline reported at the time.
As of June 30, EverBank held $46.7 billion in total assets and $37.7 billion in deposits, while WaFd held $27.6 billion in assets and $21.0 billion in deposits. Combined, the resulting bank would carry approximately $75 billion in assets, $58 billion in total loans and $59 billion in deposits, with more than 82% of those deposits FDIC insured, according to figures cited by Reuters.
The deal is projected to deliver approximately 29% earnings-per-share accretion for WaFd shareholders in 2027, earn back tangible book value dilution in under two years, and achieve a post-synergy return on tangible common equity of around 15% with a target 45% efficiency ratio, per figures distributed via PR Newswire. Whether the combined company settles into a lasting administrative balance between its Jacksonville and Seattle roots remains an open question heading toward the expected early 2027 close.
