The EverBank WaFd merger will combine two United States banks into a $75 billion lender and strip out $135 million of annual costs, filings published on 8 September 2026 show. EverBank shareholders take 59.2 per cent of the merged company. The banks expect to close in the first quarter of 2027.
The deal was announced on 7 September 2026 and detailed to investors the following day. It is the second-largest United States bank acquisition announced in 2026, behind Banco Santander’s purchase of Webster Bank, according to National Mortgage News.
What the Deal Actually Does
EverBank Financial Corp will merge into WaFd, Inc., and WaFd will survive as the listed holding company before renaming itself EverBank Financial Corp and moving to the Nasdaq ticker EVBK.
That structure is called a reverse merger: the smaller or legally surviving company issues so many new shares to the other side’s owners that the other side ends up in control. WaFd is the legal acquirer, but its own shareholders are left with 40.8 per cent of what results. WaFd will issue about 103.1 million shares, or 107.7 million on a fully diluted basis.
EverBank’s owners include funds managed by Stone Point Capital, Warburg Pincus, Reverence Capital Partners, Sixth Street and Bayview Asset Management, together with TIAA. The holding company will sit in Bellevue, Washington, and the bank itself will be headquartered in Jacksonville, Florida.
The Numbers the Two Banks Filed
Every figure below comes from the investor presentation WaFd filed with the United States Securities and Exchange Commission on 8 September 2026. They are the companies’ own projections, not independent estimates, and they assume the deal closes.
| Measure | Figure |
|---|---|
| Announced transaction value | $3.9 billion |
| Combined assets | $75 billion |
| Combined deposits | $59 billion |
| Combined loans | $58 billion |
| Ownership after closing | 59.2% EverBank / 40.8% WaFd |
| Annual run-rate cost savings | $135 million, about 11% of the combined expense base |
| Savings phase-in | 40% during 2027, 100% by mid-2028 |
| Projected 2027 earnings per share accretion | About 29% for WaFd shareholders |
| Tangible book value per share dilution | 8.6%, earned back in 2.0 years |
| Projected 2027 return on tangible common equity | Above 15% |
| Projected 2027 efficiency ratio | 45% |
| Pro forma common equity tier 1 ratio | 9.8% |
Tangible common equity is a bank’s capital stripped of goodwill and other intangibles; return on it is the standard way United States investors judge how hard a bank’s capital is working. The efficiency ratio is operating costs divided by revenue, so a lower number is better. The filed investor presentation carries the full set.
Why Each Bank Says It Needed a Partner
The two banks describe different problems. EverBank runs largely as an online bank and has leaned on higher-cost deposits to fund itself; WaFd brings a branch-gathered deposit base that is cheaper and stickier.
WaFd’s problem runs the other way. It announced in January 2025 that it would exit mortgage lending, yet single-family mortgages still made up more than a third of its loan book as of the second quarter of 2026, National Mortgage News reported. The merger accelerates its move away from its origins as a thrift, the American term for a savings institution built around home loans.
Greg Seibly, EverBank’s chief executive, said in the companies’ joint announcement that “both banks bring exceptional credit quality and strong capital to the partnership” and that the two “complement one another in several key strategic priorities”. Brent Beardall, WaFd’s chief executive, called it “an elegant fit”. Matthew Clark, an analyst at Piper Sandler, described the deal to National Mortgage News as “a logical combination”.
What Changes for Customers, and When
Nothing yet. The banks have said there are no changes to existing WaFd Bank accounts until the transaction closes, and that it is business as usual for WaFd Bank clients in the meantime. Account terms, branch access and online banking continue as they are.
Neither bank has published a systems-conversion date, a rebranding schedule for WaFd branches, or a list of locations that would keep or lose their signage. Customers of either bank who want the official position should read the notices the two companies post themselves rather than third-party summaries.
Where the 254 Branches Are
WaFd runs 212 branches across nine western states. EverBank has 42 financial centres in California, Florida and New York. Together that is 254 locations, spread across these states:
- Pacific Northwest: Washington, Oregon, Idaho
- Mountain West: Montana, Nevada, Utah, Colorado, Wyoming
- Southwest: Arizona, New Mexico, Texas
- Coastal and southeastern: California, Florida
New York appears in EverBank’s financial-centre footprint as filed, alongside California and Florida.
What Still Has to Happen Before It Closes
As of 9 September 2026 the transaction has been announced and filed but not approved. Three things stand between the announcement and a completed merger:
- WaFd shareholder approval: WaFd’s own holders must vote in favour, which is why the company filed soliciting material with the SEC.
- Regulatory approval: United States banking regulators must clear a combination of this size. No decision date has been published.
- Customary closing conditions: the standard contractual gates that both sides must satisfy.
The companies expect completion in the first quarter of 2027. Bank mergers of this scale have taken longer than announced timetables in the past, and neither regulator involved has committed to a schedule.
What the Filings Do Not Say
The $135 million of annual savings is disclosed as a total, not broken down. The filings do not say how many of the 254 locations would close, how many roles would go, or in which states. They also do not name a systems-conversion vendor or date.
Every profitability figure in this article is a projection made by the two companies about a period that has not happened, in filings that carry the standard warning that forward-looking statements rest on “estimates and assumptions that are inherently subject to significant business, operational, economic and competitive uncertainties”. Regional banking consolidation has a long United States history, and it has not always run to plan, as the collapse of First Republic Bank showed.
Frequently Asked Questions
What Is the EverBank WaFd Merger Worth?
The announced transaction value is $3.9 billion, and the combined bank would hold about $75 billion in assets, $59 billion in deposits and $58 billion in loans. All figures are as filed with the SEC on 8 September 2026.
Who Will Run the Combined Bank?
Greg Seibly, currently EverBank’s chief executive, becomes chief executive of the combined company. Brent Beardall, WaFd’s chief executive, becomes president. Robert Radway, EverBank’s chairman, becomes chairman. The board will have 13 members: seven from EverBank and six from WaFd.
Will My WaFd or EverBank Account Change?
The banks say there are no changes to existing WaFd Bank accounts until the transaction closes, expected in the first quarter of 2027. No systems-conversion or rebranding date has been published for either bank’s customers.
Why Is It Called a Reverse Merger?
WaFd is the legal acquirer and surviving holding company, but it issues enough new shares that EverBank’s owners end up with 59.2 per cent of the result and WaFd’s own holders with 40.8 per cent. Control passes to the company being acquired on paper.
When Will the Merger Close?
The companies expect the first quarter of 2027, subject to WaFd shareholder approval, United States regulatory approval and customary closing conditions. No regulator has published a decision date.
