Under the terms of the agreement, EverBank will merge into WaFd. The resulting entity will retain the EverBank Financial Corp name and list on the Nasdaq under the ticker symbol EVBK. Current EverBank investors are slated to hold a 59.2% stake in the combined firm, while WaFd shareholders will control the remaining 40.8%.

The deal is expected to finalize in early 2027. Projections indicate that the merger will boost WaFd’s 2027 earnings per share by approximately 29%, with executives anticipating that any tangible book value dilution will be recovered in under two years.