WaFd entering $3.9 billion merger with Florida-based EverBank, creating $75 billion banking giant

One of the largest banks in Washington, WaFd, has entered into a $3.9 billion reverse merger with EverBank Financial Corp.

The deal is expected to close in early 2027, pending shareholder and regulatory approval, according to The Puget Sound Business Journal.

As of the first quarter of 2026, WaFd had $27.55 billion in assets, making it the second-largest bank based in Washington. WaFd currently operates more than 200 branches across nine states and has 2,061 employees companywide.

The deal would create the fourth-largest bank holding company in the western U.S. If approved, the merging banks would have roughly $75 billion in assets, 254 branches across 11 states, and a direct digital bank.

“Simply put, our two banks are stronger together,” EverBank CEO Greg Seibly said in a news release obtained by The Puget Sound Business Journal. “The combination of EverBank and WaFd Bank will open many new opportunities for nationwide growth and financial performance.”

WaFd will change its name to EverBank, trade under a new ticker if the deal closes

The deal would include EverBank merging into WaFd, which would continue as the holding company, and EverBank shareholders would receive common stock in WaFd in exchange for their shares.

If the merger is finalized, WaFd will change its name to EverBank and remain on the Nasdaq under the ticker EVBK. EverBank investors will own 59.2% of the combined company, while WaFd investors will control the remaining 40.8%.

Seibly would be the CEO of the combined bank after the merger, and current WaFd CEO Brent Beardall would be the president. Seibly and Beardall would also sit on the new board of directors, which includes 13 seats: seven for legacy EverBank directors and six for WaFd directors. EverBank chairman Robert Radway would also become chairman of the new board.

In January, WaFd’s Community Reinvestment Act (CRA) rating increased from “needs to improve” to “satisfactory,” a rating assigned by the Federal Deposit Insurance Corp. (FDIC).

In December 2024, WaFd was downgraded and appealed the decision. The FDIC’s Supervision Appeals Review Committee later upgraded the rating in early September.

WaFd’s “needs to improve” rating lasted between June 2020 and March 2024, with regulators tending to review CRA compliance every few years, according to The Puget Sound Business Journal. WaFd’s poor rating prohibited it from expanding.

Follow @http://twitter.com/Mynorthwest