Jacksonville, Florida-based EverBank and Seattle-based WaFd said Monday they will merge to create a $75 billion-asset bank, a transaction the companies peg at $3.9 billion. The deal matters because it pairs EverBank's direct consumer online bank and growing California footprint with WaFd's core deposits and commercial real estate lending expertise, according to statements from the companies. The combination is structured so that EverBank's holding company merges into WaFd's, but the surviving entity will take the EverBank Financial Corp. name and trade on Nasdaq under the ticker EVBK.
The $3.9 billion valuation stems from a maximum of 107.7 million shares WaFd would issue, based on the Seattle bank's $36.30-per-share stock price from Friday, according to an investor presentation. Once completed, the combined bank would count $59 billion in deposits and $58 billion in loans. Ownership would split with EverBank investors holding 59.2% of the surviving company and WaFd investors holding 40.8%. The deal is estimated to close in the first quarter of 2027.
The governance and regulatory mechanics are spelled out in the announcement. WaFd Bank, state-chartered in Washington, will merge into EverBank, which is regulated by the Office of the Comptroller of the Currency. The boards of the bank and holding company will each have 13 directors: seven from EverBank and six from WaFd. EverBank CEO Greg Seibly will serve as chief executive of the surviving bank, while WaFd CEO Brent Beardall will be its president. Seibly said the two banks are "stronger together," and Beardall called the partnership "an elegant fit."
The strategic logic rests on complementary business lines. Beardall said WaFd's core deposits supplement EverBank's direct consumer online bank, and its extensive commercial real estate lending expertise will enrich EverBank's commercial and industrial lending channels. EverBank's California presence also became a draw for WaFd. That presence grew after EverBank announced in 2024 it would buy Michigan-based Sterling Bank, a transaction that would give the Florida lender 24 added locations in California. Beardall said that footprint adds "needed scale" to better serve clients.
The source for this analysis is a single Banking Dive article, which is a secondary trade publication. The article itself notes the story is developing and will be updated. Key details not yet available include regulatory approval timelines, any required divestitures, cost synergies, branch consolidation plans, and potential job impacts. The deal's first-quarter 2027 close estimate leaves a long execution window during which market conditions, shareholder votes, and regulatory reviews could alter terms or timing. Investors should watch for the full investor presentation and subsequent regulatory filings to confirm the share count, ownership split, and financial projections cited in the announcement.