Mirror Review
September 8, 2026
The EverBank and WaFd merger will combine two U.S. banks in a $3.9 billion reverse merger, creating a financial institution with approximately $75 billion in assets. Announced on September 7, 2026, the transaction is expected to close in early 2027, subject to regulatory approval, WaFd shareholder approval, and other customary closing conditions.
The combination will bring together EverBank’s nationwide consumer and commercial banking capabilities with WaFd’s western U.S. branch network and commercial banking operations. The combined bank is expected to have more than 250 financial centers across 11 states.
How the EverBank and WaFd Merger Will Work
The EverBank and WaFd merger involves both the companies’ holding companies and their banking subsidiaries.
- Holding companies: EverBank Financial Corp will merge into WaFd, Inc., with WaFd continuing as the resulting financial holding company.
- Public company: WaFd will change its name to EverBank Financial Corp and trade on the Nasdaq under the EVBK ticker.
- Banking subsidiaries: WaFd Bank will merge into EverBank, N.A., with EverBank continuing as the surviving national bank.
- Ownership: EverBank investors are expected to own approximately 59.2%, while WaFd shareholders will own approximately 40.8%.
- Closing: The transaction is expected to be completed in early 2027.
EverBank Financial Corp will be designated as the accounting acquirer, while WaFd, Inc. will remain the surviving publicly traded holding company.
Why the EverBank and WaFd Merger Matters
The EverBank and WaFd merger combines two banks with different geographic and operating strengths.
EverBank had $46.7 billion in assets and $37.7 billion in deposits as of June 30, 2026. It operates as a nationwide specialty bank with digital banking capabilities and financial centers in California, Florida, and New York.
WaFd had $27.6 billion in assets and $21.0 billion in deposits as of June 30, 2026. Founded in 1917, it operates more than 200 branches across nine western states and provides consumer, business, and commercial banking services.
The combined institution will therefore have a broader regional bank presence while bringing together physical locations and digital banking channels.
How the EverBank and WaFd Merger Expands Commercial Banking
Both banks have increasingly focused on commercial banking, making the business mix an important part of the transaction.
EverBank has expanded its commercial lending and finance activities through areas including commercial real estate bridge lending, life insurance premium finance, SBA lending, and fund finance.
WaFd has built its commercial operations around business banking, SBA lending, commercial lending, and commercial real estate, supported by its established western branch network.
The EverBank and WaFd merger is also expected to combine WaFd’s commercial deposits with EverBank’s retail deposits. The companies said the larger deposit base and more than 250 financial centers should support funding stability while maintaining limited reliance on wholesale funding.
The Financial Outlook for the EverBank and WaFd Merger
The EverBank and WaFd merger comes with several financial projections from the companies.
| Metric | Expected Result |
| Combined assets | Approximately $75 billion |
| 2027 EPS accretion for WaFd shareholders | Approximately 29% |
| Pro forma return on tangible common equity | Approximately 15% |
| Tangible book value dilution earn-back | Under 2 years |
| Combined financial centers | More than 250 |
The companies expect the combined bank to reach approximately 15% return on tangible common equity after full realization of expected cost synergies. They also project approximately 29% 2027 EPS accretion for WaFd shareholders and an earn-back period of less than two years for tangible book value dilution.
These figures are forward-looking projections and depend on the transaction closing and the expected benefits being achieved.
Leadership and Ownership in the EverBank and WaFd Merger
Following the EverBank and WaFd merger, Greg Seibly will serve as chief executive officer, and Brent Beardall will become president.
The combined board will include 13 members, with seven representing legacy EverBank and six representing legacy WaFd. Robert Radway, currently chairman of EverBank Financial Corp, will serve as chairman of the combined bank and resulting holding company.
EverBank 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 approximately 59.2% of the combined company collectively. WaFd shareholders are expected to own approximately 40.8%.
What Comes Next for the EverBank and WaFd Merger
The EverBank and WaFd merger still requires regulatory approval and approval from WaFd shareholders before it can close. The companies currently expect completion in early 2027.
Until then, EverBank and WaFd will continue operating as separate institutions. Customers do not need to take action, and there are no immediate changes to existing services, accounts, or locations.
If completed as planned, the EverBank and WaFd merger will create an approximately $75 billion bank with more than 250 financial centers, combining EverBank’s nationwide and digital capabilities with WaFd’s commercial banking platform and western branch network. The next stage now rests on regulatory clearance, shareholder approval, and execution of the planned combination.
Gurushanth S Jatti
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