EverBank and WaFd agree to $3.9 billion merger

EverBank and WaFd have entered into a definitive agreement for a $3.9 billion merger that will create a banking institution with approximately $75 billion in assets. Under the terms of the deal, EverBank Financial Corp will merge into WaFd Inc., with the resulting company adopting the EverBank Financial Corp name and trading on Nasdaq under the ticker EVBK.

The merger combines EverBank’s predominantly digital national banking model and financial centers in California, Florida, and New York with WaFd’s physical branch network of over 200 locations across nine Western states, including Arizona, Idaho, Nevada, and Washington.

The transaction reflects a strategic shift for both institutions away from traditional residential and consumer lending toward commercial and specialty finance, though the combined entity will maintain exposure to mortgage finance, multifamily, and commercial real estate. The deal is expected to close in early 2027, pending regulatory approval and shareholder consent.