EverBank to acquire WaFd in $3.9bn reverse merger creating $75bn banking group

December 2026 | DEALFRONT | MERGERS & ACQUISITIONS

Financier Worldwide Magazine

December 2026 Issue

US financial services company EverBank Financial has agreed to acquire bank holding company WaFd in a $3.9bn reverse merger that will create a regional banking group with approximately $75bn in assets, subject to regulatory and shareholder approvals.

Under the terms of the agreement, EverBank will merge with and into WaFd, with WaFd remaining the surviving financial holding company. Existing EverBank shareholders will receive WaFd common stock in exchange for their holdings. Following completion of the transaction, WaFd will remain publicly listed but will be renamed EverBank Financial Corp and trade on Nasdaq under the ticker symbol EVBK.

The deal brings together two institutions that have spent recent years expanding their commercial banking operations while reducing their reliance on traditional residential lending activities. Both companies have sought to diversify revenue streams and strengthen their positions in business banking markets across the US.

EverBank has broadened its commercial lending platform through organic growth and the introduction of specialist business lines, including commercial real estate bridge lending, life insurance premium finance, small business administration (SBA) lending and fund finance. WaFd, meanwhile, has built on its established branch network and community banking heritage across the western US to expand its commercial real estate, business banking and SBA lending capabilities.

Management at both organisations believes the combination will deliver greater scale, improved operating efficiency and a stronger returns profile. The enlarged group is also expected to benefit from a broader customer base, a more diversified loan portfolio and enhanced funding sources.

“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,” said Greg Seibly, chief executive of EverBank. “By joining together, we will leverage our existing scalable consumer and commercial banking platforms to deliver high-value products and services to clients across the country in the ways that best meet their unique needs and goals.”

Following completion of the merger, Mr Seibly will serve as chief executive of the combined organisation, while Brent Beardall, chief executive and vice chairman of WaFd, will become president. The companies said the management structure reflects the complementary strengths of the two businesses and their shared strategic direction.

“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,” said Mr Beardall. “Both banks bring exceptional credit quality and strong capital to the partnership. We complement one another in several key strategic priorities.”

According to the companies, the transaction is expected to improve profitability and create opportunities for long-term value creation. Publicly disclosed projections indicate the merger could generate significant earnings accretion for WaFd shareholders once integration plans and cost synergies are fully implemented.

The transaction is expected to close in early 2027, subject to regulatory clearance, approval by WaFd shareholders and other customary closing conditions.

JP Morgan and Piper Sandler Companies are acting as financial advisers to EverBank, while Wachtell, Lipton, Rosen & Katz is serving as legal adviser. WaFd is being advised financially by Keefe, Bruyette & Woods and legally by Simpson Thacher & Bartlett LLP.

“We are starting down an exciting new path with the merger of EverBank and WaFd Bank,” added Mr Seibly. “Simply put, our two banks are stronger together – a combination that will open many new opportunities for nationwide growth and financial performance.”

The merger marks a significant consolidation in the US regional banking sector, bringing together complementary franchises with national reach and strong commercial banking ambitions. If approvals proceed as expected, the combined group will enter 2027 with greater scale, broader capabilities and a stronger platform for future growth.

Fraser Tennant