WaFd to Buy EverBank Financial in $3.9 Billion Stock Deal
The Seattle-based lender said the all-stock combination is expected to be significantly accretive to earnings per share in 2027.
WaFd, Inc. (WAFD) agreed to acquire EverBank Financial Corp in an all-stock transaction valued at $3.9 billion, a combination the Seattle-based lender said will position the combined bank for strong performance and returns.
The deal is expected to close in early 2027, subject to customary conditions. WaFd framed the partnership around earnings power: the combination will deliver significant EPS accretion in 2027.
WaFd’s chief executive described the fit in terms of culture and balance-sheet quality. “It is a privilege every day to work side by side with the WaFd team of bankers. 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. Both banks bring exceptional credit quality and strong capital to the partnership.”
The transaction is structured entirely in WaFd stock, with no cash component disclosed in the announcement. That all-equity format is common in regional-bank mergers and aligns EverBank shareholders with the combined franchise’s future earnings rather than a fixed price.
The $3.9 billion value is large relative to recent community-bank combinations. John Marshall Bancorp (JMSB) and Eagle Financial Services (EFSI) announced an all-stock merger valued at approximately $253 million, or $46.72 a share of EFSI stock, that would create a $4.4 billion company with 23 offices across Virginia and adjacent Maryland. WesBanco (WSBC) completed a roughly $1.0 billion all-stock deal with Premier Financial in February 2025, exchanging 0.80 WesBanco shares for each Premier share. WaFd’s acquisition of EverBank sits well above those recent regional-bank stock deals in dollar terms.
Other regional lenders have also pointed to near-term EPS lift as the case for combining. FS Bancorp (FSBW) said its $34.6 million Pacific West deal would produce projected 2027 EPS accretion of 7.4%. Finward Bancorp (FFBC) cited fully phased-in EPS accretion of 5.0% on a July 2026 Illinois combination. WaFd’s stated expectation of significant 2027 accretion from EverBank is a larger deal and a more consequential earnings step for the acquirer.
Both banks bring exceptional credit quality and strong capital, a framing that supports the accretion case without disclosing a specific premium or exchange ratio in the announcement.
Closing is expected in early 2027. Until then, the combination remains subject to the customary approvals that accompany a bank merger of this size.