Overview
- The banks announced the transaction on Sept. 7 as a reverse/holding-company merger that will leave WaFd publicly listed but renamed EverBank Financial and trading under the ticker EVBK.
- For accounting purposes EverBank is the acquirer, WaFd Bank will be folded into EverBank N.A., and the combined holding company will take the EverBank Financial name.
- Greg Seibly will be chief executive of the combined bank and WaFd CEO Brent Beardall will serve as president, with EverBank investors receiving roughly 59.2% of pro forma equity and WaFd shareholders about 40.8%.
- The deal brings together banks of different footprints—EverBank had about $47 billion in assets and roughly 43 branches at midyear while WaFd reported about $28 billion in assets and about 210 branches—to broaden deposits and diversify lending.
- The transaction is set to close in early 2027 subject to regulatory approvals and customary conditions, and it could change customer access to local branches, shift funding mixes for the combined bank, and influence consolidation trends in regional banking.