Under the terms of the agreement, WaFd will merge into EverBank, which will serve as the accounting acquirer. The resulting holding company is set to trade on the Nasdaq under the ticker symbol EVBK. Leadership of the new organization will be split, with EverBank CEO Greg Seibly serving as chief executive officer and WaFd CEO Brent Beardall stepping into the role of president. The board will feature a balanced composition, with seven members from legacy EverBank and six from WaFd.

Financial projections indicate that the merger will significantly boost profitability, with an estimated 29% EPS accretion for WaFd shareholders by 2027 and a 15% return on tangible common equity. The deal combines WaFd’s community-focused commercial lending with EverBank’s digital consumer platforms and California-based financial centers. Current EverBank investors, including TIAA and various private equity firms, will hold approximately 59.2% of the combined company, while existing WaFd shareholders will retain 40.8%. The merger remains subject to regulatory and shareholder approval.