WaFd, Inc. (NASDAQ: WAFD) and EverBank Financial Corp, the parent company of EverBank, N.A., said on Sept. 7, 2026 that they have entered into a definitive merger agreement for a $3.9 billion reverse merger transaction, according to PR Newswire. Under the agreement, EverBank Financial Corp will merge with and into WaFd, Inc., with WaFd, Inc. continuing as the resulting financial holding company, according to PR Newswire.
Transaction structure and public-company details
Existing shareholders of EverBank Financial Corp will receive common stock in WaFd, Inc. in exchange for their EverBank Financial Corp shares, according to PR Newswire. Upon completion of the merger, WaFd, Inc. will remain a publicly traded company and change its name to EverBank Financial Corp and trade on the Nasdaq Stock Exchange under the new ticker symbol EVBK, according to PR Newswire.
EverBank Financial Corp will be designated as the accounting acquirer, according to PR Newswire.
Bank-level combination
Immediately following the holding company merger, WaFd Bank, described as a federally insured Washington state chartered commercial bank, will merge with and into EverBank, N.A., described as a national banking association, with EverBank continuing as the bank chartered by the Office of the Comptroller of the Currency, according to PR Newswire.
Financial expectations disclosed by the companies
The companies said the transaction is expected to result in “significantly improved profitability” for the combined pro-forma company, with a return on tangible common equity of approximately 15% after full realization of expected cost synergies, according to PR Newswire. For WaFd, Inc. shareholders, the expected 2027 EPS accretion is approximately 29%, with an earn-back period for tangible book value dilution of under two years, according to PR Newswire.
The PR Newswire announcement also stated that the “combination will position [the] bank for strong performance and returns, with significant EPS accretion in 2027.”
Management commentary and strategic rationale cited
Greg Seibly, EverBank Financial Corp’s Chief Executive Officer, said, “Since 2023, EverBank has been on a journey to transform itself into a high-performing bank sharply focused on enabling our consumer and business clients to make the most of their money,” according to PR Newswire. Seibly said, “Today, we’re starting down an exciting new path with the merger of EverBank and WaFd Bank,” and added, “Simply put, our two banks are stronger together,” according to PR Newswire.
Seibly said the combination “will open many new opportunities for nationwide growth and financial performance,” and that the two banks plan to “leverage our existing scalable consumer and commercial banking platforms to deliver high-value products and services to clients across the country,” according to PR Newswire.
Brent Beardall, WaFd, Inc. CEO and Vice Chairman, said, “This opportunity to partner with EverBank is an elegant fit, and it allows us to carry forward the ethos of WaFd and deliver improved returns for our shareholders,” according to PR Newswire. Beardall said, “Both banks bring exceptional credit quality and strong capital to the partnership,” according to PR Newswire.
Beardall cited several strategic areas, including that WaFd’s “core deposits supplement EverBank’s direct consumer online bank,” that WaFd’s “commercial real estate lending expertise” will “enrich” EverBank’s “commercial and industrial lending channels,” and that EverBank’s “28 financial centers in California add needed scale to the market to better serve our clients,” according to PR Newswire.
