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EverBank and WaFd Announce $3.9 Billion Merger to Create $75 Billion Bank
On September 7, 2026, EverBank Financial Corp. and WaFd, Inc.—the holding company behind Seattle‑based WaFd Bank—revealed plans to merge in a $3.9 billion deal slated to close in early 2027. The combination will pair EverBank’s direct‑banking platform with WaFd’s broad branch network and commercial‑lending prowess, creating a bank with roughly $75 billion in assets.
Structured as a reverse merger, EverBank will be absorbed into WaFd, Inc., which will continue as the holding company. EverBank shareholders will receive WaFd common shares in exchange for their existing stock, a transaction that is tax‑free for both parties and hinges on regulatory clearance and a vote by WaFd shareholders.
Headquartered in Jacksonville, Florida, EverBank has evolved into a diversified financial services firm that largely relies on a direct‑banking model. Formerly known as TIAA Bank until its 2023 rebrand, the institution maintains nine physical branches in Florida while reaching customers nationwide via online and mobile platforms.
Formerly Washington Federal, WaFd operates as a regional bank with 210 branches spread across Washington, Oregon, Idaho, Nevada, Utah, Arizona, New Mexico, California, and Texas. Its footprint supports core deposit services and a wide commercial‑lending portfolio.
Per the press release, the merged entity will be steered by a joint management team. Greg Seibly, EverBank’s CEO, will take the helm as chief executive officer, while Brent Beardall, WaFd’s CEO and vice chairman, will assume the role of president.
The merger is aimed at boosting profitability and accelerating growth. Each bank has recently pivoted away from residential and consumer lending toward commercial banking. By merging EverBank’s online consumer base with WaFd’s commercial deposit network, the new institution seeks a more diversified funding mix and a lower dependence on wholesale funding.
Geographically, the transaction widens both banks’ reach. EverBank’s 28 financial centers in California will bolster WaFd’s current state presence, while WaFd’s extensive branch network will give EverBank a broader physical footprint.
The release projects pro‑forma earnings accretion in 2027. Both institutions cited complementary credit quality and solid capital positions as pillars that will underpin the combined bank’s financial stability.
Regulatory approval must come from the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and other pertinent authorities. WaFd shareholders will decide the deal at a special meeting slated for early 2027.
Industry analysts see the deal as part of a wider wave of bank consolidations aimed at scaling operations and diversifying revenue. Both EverBank and WaFd have been trimming residential mortgage exposure, a move that has encouraged other regional banks to adopt comparable strategies.
The merged institution will carry the WaFd name and remain headquartered in Jacksonville, Florida, the location of EverBank’s corporate offices. WaFd, Inc. will keep the bank’s charter as the holding company.
Pending regulatory and shareholder consent, the merger should close in early 2027. Upon completion, the new bank will rank among the country’s largest regional banks, boasting about $75 billion in assets and a diversified portfolio spanning consumer, commercial, and industrial lending.
The transaction carries weight for investors, staff, and customers alike. EverBank shareholders will receive WaFd shares, employees will integrate into a larger entity with broadened product lines, and customers will access a wider branch network and enhanced commercial services.
While the merger progresses, both banks will keep a close eye on regulatory updates and shareholder input. The decisive next step is the shareholder vote scheduled for early 2027, after which the deal will be finalized if approved.
Ultimately, the merger represents a strategic response to evolving market conditions, as both banks aim to reinforce their competitive standing through greater scale, diversified revenue streams, and stronger capital.
Structured as a reverse merger, EverBank will be absorbed into WaFd, Inc., which will continue as the holding company. EverBank shareholders will receive WaFd common shares in exchange for their existing stock, a transaction that is tax‑free for both parties and hinges on regulatory clearance and a vote by WaFd shareholders.
Headquartered in Jacksonville, Florida, EverBank has evolved into a diversified financial services firm that largely relies on a direct‑banking model. Formerly known as TIAA Bank until its 2023 rebrand, the institution maintains nine physical branches in Florida while reaching customers nationwide via online and mobile platforms.
Formerly Washington Federal, WaFd operates as a regional bank with 210 branches spread across Washington, Oregon, Idaho, Nevada, Utah, Arizona, New Mexico, California, and Texas. Its footprint supports core deposit services and a wide commercial‑lending portfolio.
Per the press release, the merged entity will be steered by a joint management team. Greg Seibly, EverBank’s CEO, will take the helm as chief executive officer, while Brent Beardall, WaFd’s CEO and vice chairman, will assume the role of president.
The merger is aimed at boosting profitability and accelerating growth. Each bank has recently pivoted away from residential and consumer lending toward commercial banking. By merging EverBank’s online consumer base with WaFd’s commercial deposit network, the new institution seeks a more diversified funding mix and a lower dependence on wholesale funding.
Geographically, the transaction widens both banks’ reach. EverBank’s 28 financial centers in California will bolster WaFd’s current state presence, while WaFd’s extensive branch network will give EverBank a broader physical footprint.
The release projects pro‑forma earnings accretion in 2027. Both institutions cited complementary credit quality and solid capital positions as pillars that will underpin the combined bank’s financial stability.
Regulatory approval must come from the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and other pertinent authorities. WaFd shareholders will decide the deal at a special meeting slated for early 2027.
Industry analysts see the deal as part of a wider wave of bank consolidations aimed at scaling operations and diversifying revenue. Both EverBank and WaFd have been trimming residential mortgage exposure, a move that has encouraged other regional banks to adopt comparable strategies.
The merged institution will carry the WaFd name and remain headquartered in Jacksonville, Florida, the location of EverBank’s corporate offices. WaFd, Inc. will keep the bank’s charter as the holding company.
Pending regulatory and shareholder consent, the merger should close in early 2027. Upon completion, the new bank will rank among the country’s largest regional banks, boasting about $75 billion in assets and a diversified portfolio spanning consumer, commercial, and industrial lending.
The transaction carries weight for investors, staff, and customers alike. EverBank shareholders will receive WaFd shares, employees will integrate into a larger entity with broadened product lines, and customers will access a wider branch network and enhanced commercial services.
While the merger progresses, both banks will keep a close eye on regulatory updates and shareholder input. The decisive next step is the shareholder vote scheduled for early 2027, after which the deal will be finalized if approved.
Ultimately, the merger represents a strategic response to evolving market conditions, as both banks aim to reinforce their competitive standing through greater scale, diversified revenue streams, and stronger capital.
