EverBank WaFd Merger Creates Multi-Channel Bank
EverBank WaFd merger pairs EverBank's digital platform with WaFd branches to create a multi-channel bank and could shift investor positioning.
KEY TAKEAWAYS
- The companies agreed to a $3.9 billion all-stock reverse merger to form a multi-channel bank.
- The merger creates roughly $75.0 billion in assets with about $58.0 billion loans and $59.0 billion deposits.
- Companies project 29.0% 2027 EPS accretion for WaFd shareholders and target 15.0% ROATCE post-synergies.
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EverBank Financial Corp and WaFd, Inc. said in a Sept. 7, 2026, press release that they signed a definitive reverse merger to combine EverBank’s digital platform with WaFd’s branch franchise, aiming to boost profitability and scale.
Deal Structure and Ownership
The companies agreed to a $3.9 billion all-stock reverse merger, with EverBank Financial Corp merging into WaFd, Inc. at the holding-company level. Immediately after, WaFd Bank will merge into EverBank, N.A., which will continue as a national bank under its Office of the Comptroller of the Currency charter.
WaFd will remain the publicly traded entity but will change its corporate name to EverBank Financial Corp and trade on Nasdaq under the ticker EVBK. EverBank Financial Corp will be the accounting acquirer for reporting purposes, meaning its financials will be treated as the acquirer despite WaFd retaining the listing.
EverBank investors, including Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street, Bayview Asset Management, and TIAA, are expected to own about 59.2% of the combined company. Legacy WaFd shareholders will hold roughly 40.8%. WaFd plans to issue approximately 103–108 million new shares to EverBank owners at closing.
Scale, Profitability, and Timing
The combined institution is expected to have about $75 billion in assets, with roughly $58 billion in loans and $59 billion in deposits, approximately 82% of which are insured. The merged bank will operate more than 250 financial centers, combining EverBank’s nationwide digital reach with WaFd’s branch network to form a multi-channel bank.
Management roles are set: Greg Seibly, EverBank’s current CEO, will serve as CEO of the combined company; Brent Beardall, WaFd’s CEO, will become president; and Robert Radway, EverBank’s chairman, will chair the combined board. Both the holding-company and bank boards will have 13 members, with seven designated by legacy EverBank and six by legacy WaFd. Seibly and Beardall will serve on both boards.
The companies project about 29% earnings per share accretion for legacy WaFd shareholders in 2027 and an earn-back period for tangible book value dilution of under two years. After full realization of cost synergies, they target a return on tangible common equity near 15% and an efficiency ratio around 45% (noninterest expense divided by revenue). "The transaction is expected to result in significantly improved profitability for the combined pro‑forma company," the companies said.
Closing is expected in early 2027, with some communications specifying the first quarter. Completion depends on approval by bank regulators, including the Federal Reserve and the OCC, WaFd shareholder approval, and customary closing conditions. The transaction is described as tax-free for common shareholders.
